Husband and wife tax affairs

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Husband and wife tax affairs

Postby Stu&Gill » 02 Jun 2016 18:29

Are H and W's taxed independently on Cyprus or is our combined income taxed

For example we can arrange our affairs so that my pensions will be just below the Cyprus taxable amount

And then all our investment income could be allocated to she who must be obeyed

That figure would also be just below the taxable figure on Cyprus

Would the above arrangements work?

I stress I am happy to pay any legally demanded tax here but it would be foolish not to consider organising our affairs to legally mitigate our potential tax liability

Many thanks Stuart
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Husband and wife tax affairs

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Re: Husband and wife tax affairs

Postby trevnhil » 02 Jun 2016 20:03

Hi Stuart. Husband and wife are taxed separately in Cyprus, and each of you will have a personal allowance of €19,500 euros.

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Re: Husband and wife tax affairs

Postby Stu&Gill » 04 Jun 2016 12:18

Thanks Trev that is very reassuring
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Re: Husband and wife tax affairs

Postby LeeH » 06 Jun 2016 12:14

Hi Stu,
Trev is indeed correct.
Absolutely nothing wrong with arranging your affairs to that you pay the appropriate amount of taxation.
Best wishes
Lee
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Re: Husband and wife tax affairs

Postby J B » 06 Jun 2016 14:03

<<Absolutely nothing wrong with arranging your affairs to that you pay the appropriate amount of taxation>>

Some call it 'tax avoidance', some say 'tax evasion', some say it's just plain common sense!!!!!

:lol:
:mrgreen:
;)
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Re: Husband and wife tax affairs

Postby trevnhil » 06 Jun 2016 15:04

And some say.... I wish I had over €19,500 to try this avoidance / evasion thing :shock:

But I suppose there are those who retired early on a works or private pension and also have a state pension as well. 8)

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Re: Husband and wife tax affairs

Postby LeeH » 08 Jun 2016 20:58

Problem is JB your common sense may define it as tax avoidance (perfectly legal). HMRC's common sense may define it as tax evasion.
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Re: Husband and wife tax affairs

Postby keving » 08 Jun 2016 21:15

Some call it tax planning! :-)
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Re: Husband and wife tax affairs

Postby MarkN » 20 Jul 2016 11:51

As Dennis Healey said:
Every man is entitled if he can to order his affairs so as that the tax attaching under the appropriate Acts is less than it otherwise would be. If he succeeds in ordering them so as to secure this result, then, however unappreciative the Commissioners of Inland Revenue or his fellow taxpayers may be of his ingenuity, he cannot be compelled to pay an increased tax.


Tax avoidance is a right, tax evasion a wrong!
Mark Nowell DipPFS
3D Global Financial Services
Toumazis Linopetra Centre
St Athanasios Street 61
P.O. Box 53720
Limassol 3317
Cyprus
Tel: +357 25828292
Fax: +357 25873460
email: [email protected]
web: http://www.3dglobal.com
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Re: Husband and wife tax affairs

Postby keving » 20 Jul 2016 13:36

Stu&Gill wrote:
And then all our investment income could be allocated to she who must be obeyed


Surely it is not as simple as claiming that all of your investment income is attributable to your wife? Would you not need to transfer investments held in your name (and investments held in joint names) into the sole name of your wife?
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