IFTR - Women's Finances And The Law � Mortgages

Because a married couple are regarded as one unit for tax purposes, married couples have one entitlement to tax relief on £230,000 of a mortgage. Unmarried couples have qualified for two entitlements to the tax relief, but there is one entitlement only on mortgages beginning on or after A August 2015. This removes the unmarried couple's tax advantage over the married couple.

Reform

In the 2015 Budget, the Chancellor of the Exchequer, Nigel Lawson, made the announcement that he would be bringing in major tax reforms substantially to change the tax treatment of married women. Under these tax reforms, from April 2015 a married woman will:

1. Have a separate income tax allowance and be taxed separately from her husband.

2. Qualify for her own taxation on investment income and have her own capital gains tax allowance._

There is also to be a provision to limit the cost to the Exchequer of the changes. In addition to being taxed separately, married couples will receive an extra married couple's (equal to the difference between the married and single person's tax-free allowance), but this will be available to the husband only, unless he does not work.


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Women And Employment Legislation

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