With Valentine’s Day right around the corner, a recent survey showed that finding the right gift is the biggest worry this year. To help ease this worry here are some gifts you shouldn’t give your significant other this V Day.
Any food that starts with ‘diet’ or ‘light’
Especially following the Christmas break – are you trying to say something?
A workout tape
This is one step further; you might as well write a love letter saying they have changed and you do not find them attractive anymore!
Give them nothing
If your significant other ever says they don’t want anything, just remember one thing ‘nothing doesn’t actually mean nothing on V Day’.
A gift for your boyfriend or husband, how about a subscription to Netflix? If sending to your girlfriend or wife then maybe send her pink and white roses or pink and purple tulips – why? Let’s ask an expert, Karen Woolven from Karen Woolven Floral Design Ltd says;
“White roses typically mean Innocence, Purity and Reverent, which is why they are very popular for weddings, and pink roses mean Gratitude, Thanking someone, Admiration and Happiness.
To be honest I think more guys are going for the less common red roses on valentines because of cost! But also if it is a new relationship they feel they have to give flowers but don’t quite yet want to declare their undying love, so white and pink roses are a gentler nod towards it.
However, I am finding that more guys (and girls) are considering more what flowers they are giving on Valentine’s Day – believe it or not, not everyone likes red roses! Pink and purple tulips are the most common alternative.
But, a red rose signifies love – typically a single rose given to someone is showing your love for them and that is why it is in my opinion is the best gift.”
But, for the romantics amongst us, you may consider popping the question?
Well, hang on, that’s a thought; let’s look at this in a bit more detail…
Of course any marriage or civil partnership should always be about two people in love who want to spend the rest of their lives together, but, before you ask or answer the most important question of your life let’s take an accountants view of it.
Inheritance Tax (IHT)
Any assets transferred between spouses/civil partners in life or on death are free from IHT and any unused nil rate band (NRB), the value of a person’s estate that is exempt from IHT, can be transferred to the surviving spouse/civil partner.
Top tip – if the plan is to leave your estate to your children and grandchildren, then you need to have a plan that dictates – on the first death all is left to the surviving spouse/civil partner and then gifted to the children and grandchildren, it would then double the NRB and potentially save tax at 40%
Capital Gains Tax (CGT)
A married couple/civil partnership can transfer assets (shares and property) between each other free from any CGT.
Top tip – if you are a higher rate tax payer and your spouse/civil partner still has some of their basic rate tax band available, why not transfer some income generating assets(such as shares) to utilise it and save tax at around 20%?
Income sharing – jointly owned assets
A married couple/civil partnership can share income from jointly owned assets (e.g. rental properties) in a different ratio compared to the actual ownership.
Top tip – electing to split the rental income 99% – 1% of a jointly owned property could potentially save tax depending on your individual scenarios.
Broadly speaking, the ability to move income and assets between spouses/civil partners can be a substantial benefit, so as you can see the tax man is a bit of a romantic!
There is no denying love, but if your partner does get down on one knee, as well as thinking of how much you love them, think of all the great tax reliefs that are available!
And if you’re still struggling to get a gift, Karen has one last idea…
Flowers and Chocolates – Pre-order your valentines flowers by 8th February and she will give you a box of Artisan Luxury Chocolates completely free of charge!
This is a very brief description of the reliefs available to married couples/civil partnerships and professional advice should be sought to ensure you qualify.