Know anyone who could be affected?
A significant number of Irish newlyweds are failing to claim a potentially lucrative tax benefit when they get married.
This is according to tax refund specialists Taxback.com, who said that the ‘year of marriage’ tax credit could be worth thousands of euro to many newlyweds, depending on the joint earnings of the couple.
Taxback.com claim to have seen a number of cases where couples who have been married within the last four years had not alerted Revenue to the change in their marital status and are thus missing out on some handy cash back.
So if you’re in that four-year period, and are yet to alert Revenue, you could be in luck.
Eileen Devereux, Commercial Director with Taxback, explained the situation further, saying:
“We are now firmly ensconced in wedding season – last year 47% (9,865) of the 21,053 marriages for the year took place in the months of June, July, August and September.
“Thousands of couples throughout the country are gearing up for the big day and most will not be considering the tax implications of it. But what we are finding is that some couples never fully get to grips with the tax ramifications of their union – even years after the nuptials have taken place.
“We are not just calling on nearly or newly married couples – we have seen numerous cases where couples who have been married within the last four years, still had not alerted Revenue to the change in their marital status in their year of marriage and so never received their ‘year of marriage’ relief.
“The good news for these people is that because they are still within the four-year time frame for a refund, they can apply to check whether or not they are entitled to one.”
She continued: “For couples, particularly those who marry in the latter to end part of the tax year, the refund could be particularly lucrative.
“A total of 85,246 couples in Ireland got married between 2015 and 2018 – if even 5% of these people never received their year of marriage relief then that’s over 4,200 couples that could be entitled to a refund.”
More information on taxation after marriage or registration of civil partnership is available on the Revenue website here.
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