Married persons tax credit €3,400

alwaysonit said:
The title is stated in below link.

How tax credits work

This page explains how tax credits work
www.revenue.ie www.revenue.ie

Is this €3,400 per person and hence €6,800 per couple?
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No. It means that if you are jointly assessed you can opt to transfer up to €1700 of one spouses personal credit to the other spouse thereby increasing their personal credit up to a maximum of €3400 but reducing the other spouses personal credit to zero. This is useful if one spouse isn't utilising some or all of their personal credit.
 
Sorry to jump on this

Myself and my partner are both high rate tax payers, we are planning on getting married in the next 2 years.
We are both in our 40's so maternity leave and child rearing will not be a thing.
My partner gets the incapacitated child tax credit for his children.
Can we be married but still be treated separately for tax so that nothing changes?
I don't want to interfere with his tax credit at all and I would rather mine is not messed around either - but I am assuming we do have to legally tell them that we are married?
 
E30chick said:
Sorry to jump on this

Myself and my partner are both high rate tax payers, we are planning on getting married in the next 2 years.
We are both in our 40's so maternity leave and child rearing will not be a thing.
My partner gets the incapacitated child tax credit for his children.
Can we be married but still be treated separately for tax so that nothing changes?
I don't want to interfere with his tax credit at all and I would rather mine is not messed around either - but I am assuming we do have to legally tell them that we are married?
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Of course you can. But you'd still be far better off on joint assessment if/when your circumstances change over the years. Even on joint assessment, you can still tailor the allocation between you of your respective credits and tax bands as you see fit.
 
T McGibney said:
Of course you can. But you'd still be far better off on joint assessment if/when your circumstances change over the years. Even on joint assessment, you can still tailor the allocation between you of your respective credits and tax bands as you see fit.
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Do you mean if one of us was unemployed or something like that?
Or got sick and couldn't work, then we would be transferring tax credits over - or would you not be keeping them for sick pay?
Sorry I am very tax illiterate!
 
E30chick said:
Do you mean if one of us was unemployed or something like that?
Or got sick and couldn't work, then we would be transferring tax credits over - or would you not be keeping them for sick pay?
Sorry I am very tax illiterate!
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That's the point - you can't transfer tax credits unless you're first jointly assessed.
 
Links to the options are below, OP:-

Joint Assessment: HERE

and Separate Assessment HERE

Note that one of you will need to tell revenue if you each wish to be separately assessed after marrying. (It's assumed that you'll take the joint option as it's the most advantageous in the vast majority of cases.)
 
T McGibney said:
That's the point - you can't transfer tax credits unless you're first jointly assessed.
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Ok well something to think about, I only ever heard of transferring tax credits in the cases of a woman giving up work to look after children or when taking maternity leave and that's not something that we will be exposed too.
Sickness would be the only reason I could think of.
 
E30chick said:
Ok well something to think about, I only ever heard of transferring tax credits in the cases of a woman giving up work to look after children or when taking maternity leave and that's not something that we will be exposed too.
Sickness would be the only reason I could think of.
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There are loads of possibilities - redundancy, voluntary personal leave, cuts to pay or working hours, prolonged illness etc.
 
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