Irish newlyweds are failing to claim a potentially lucrative tax benefit when they get married, it was claimed.
This is according to tax refund specialists Taxback.com who say that they believe the ‘year of marriage’ tax credit could be worth thousands of Euro to many newlyweds, depending on the joint earnings of the couple.
A total of 1,012 couples in Kildare said “I do” in 2018, and hundreds more are no doubt gearing up for the big day as we are in the middle of wedding season.
Last year 47% (9865) of the 21,053 marriages for the year, took place in the months of June, July, August and September.
Taxback.com said couples are entitled to a ‘year of marriage’ relief when they get married - and have four years to claim it.
The tax experts say in the year a couple are married, both parties continue to be treated as single people for tax purposes.
However, if the tax they pay as two single people is greater than the tax payable if you were taxed as a married couple, they can claim the difference as a tax refund. Only tax deducted in the months after marriage can qualify for a tax refund.
A spokesman said: “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 – 2018 – if even 5% of these people never received their year of marriage relief then that’s 4,200 couples that could be entitled to a refund."