Celebrate in Liverpool Liverpool 2019 - Page 20

raphy.co.uk worldphotog www.wedding Why get hitched? WHY LEGALISING A RELATIONSHIP IS STILL THE BEST EVER FINANCIAL MOVE ADVANTAGES • You will not be entitled to a widow’s or partner’s pension benefit or a share of their pension from the state if you’re not in a legally recognised relationship • Most employers’ pension schemes automatically pay a pension to a surviving partner. If you’re not a legally recognised partner, the trustees of the pension scheme may decide otherwise • If a partner has free life insurance from their employer a surviving partner is likely to benefit when they die. For non-recognised partners, this will apply only where a partner has remembered to nominate the other to receive their benefits • Gifts that would normally attract Capital Gains Tax when they are given away or sold – such as shares or property – are not subject to this tax when they are handed between legally recognised partners. Non-recognised couples are liable to pay CGT on their gifts • … and finally, as the law now stands, you may not be permitted to register the death of your partner if you are not married to them, or have not registered your partnership, at the time of their death. Maybe it’s not the most romantic reason for getting married or registering a partnership, but you and your partner could gain big financial rewards if you legalise the relationship – or risk losing your home if you don’t. If someone dies leaving more than £325,000, including the value of any property he or she owns, inheritance tax has to be paid on their estate (figures correct as of February 2020). Further information can be found at www.hmrc.gov.uk/inheritancetax. However, this doesn’t apply to married couples or civil partners; gifts between husbands, wives and civil partners are free of inheritance tax. To be sure, we always advise couples to make a will once the ceremony is over (after the honeymoon, of course!). You can have a quiet, no frills, no fuss ceremony at the Register Office if that’s what you would prefer. If you wish, you can give notice of your intention, wait 30 days, turn up at the Register Office with 2 witnesses, have a short ceremony, sign the register, go back to work and tell nobody. There’s no need to change names, no need to exchange rings and you can hide your marriage or partnership certificate away until the day you need it. 19 Once you are married, or your partnership is registered, you can relax in the knowledge that your financial arrangements are in much better shape. www.weddingworldphotography.co.uk