Marriage
What are the financial implications of getting married
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The financial pros of marriage
In life
Assets can usually be transferred between spouses without incurring Capital Gains Tax.
This means that instead of the higher earner selling the asset and being liable for a higher rate of CGT, if the lower earning spouse earns little enough in that tax year, they could qualify for the lower rate of CGT.
Similarly, for income generating assets like shares, assets can be transferred to best make use of each persons Personal Savings Allowance.
If one spouse earns less that the personal allowance and the other is a basic rare taxpayer, up to 10% of the allowance can usually be transferred to the other spouse to use. This may not cover HENRY's most of the time, but if the higher earner takes a year off of work to realise some gains without paying Capital Gains Tax, they may be able to pass some annual allowance to their spouse.
In death
A spouse can inherit an unlimited amount from their deceased spouse without incurring Inheritance Tax.