Financial benefits offered by being in a relationship

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Financial benefits offered by being in a relationship

Valentine's Day may be nothing more than a sweet memory now, but for couples across the country there are many financial benefits to be found from being paired off.

Being in love is not a cheap experience, according to Tesco Bank, which found that 69 per cent of men were set to shell out up to £50 on gifts or romantic evenings out to celebrate the most loved-up day of the year.

By comparison, just over half of the women surveyed were thinking of spending only £10 on the man in their life, suggesting that many expect men to foot the bill.

While the cost of February 14th could have burned a hole in your pocket, when it comes to reaping the financial benefits of living with your partner you could find that you are still quids in at the end of the month.

There are some loopholes which can be exploited by couples, regardless of whether or not they have walked down the aisle.

If one partner is a higher rate taxpayer, while the other falls into the lower bracket or does not pay tax at all, make sure that any investment incomes are owned by the partner with the lower wage.

Unmarried couples may need to look out for pitfalls from capital gains tax, but it should not be an issue if the investment comes from cash deposits at the bank.

Asset ownership is another area where tax benefits can be found from simply filling out a form.

Although assets can be owned in a 75 per cent to 25 per cent split, tax will still be levied in a 50 per cent ratio. However, you can elect to be taxed according to your different shares by applying to the Inland Revenue.

Another tax break can come in the form of Isas. When the limit on Isa investments for the under 50s is lifted on April 5th, everyone who is eligible for an account can invest up to £10,500 a year into cash and stocks Isas, which can mean a considerable amount of interest for a couple.

If an individual does not yet own a tax-free savings account, it is possible for them to set one up and have their partner pay into the account on their behalf, as long as the limits on the two accounts are not breached in the tax year.

Motorists could find their premiums decline if they opt to take out a multi-car insurance policy. The system works by more than one vehicle being named on the same policy and the firm offering better rates for bringing more business and simplifying the paperwork for them, in the same way that consumers can have cheaper energy bills with duel fuel tariffs.

One of the best things about multi-car insurance is that some policies can allow up to five vehicles to be insured at the same household, which means that the children of couples with multi-car policies could also benefit when they get behind the wheel for the first time.

With so many great savings to be made by couples, it seems that love in the air can also mean cash in the pocket. ADNFCR-323-ID-19627222-ADNFCR

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