Thousands of newlyweds  could be entitled to a potentially lucrative tax refund.

Experts from TaxBack.com have revealed that the 2,272 couples who got married last year may not be availing of a tax benefit which they refer to as “Revenue’s Wedding Present”.

Depending on the joint earnings of couples, newlyweds may be due thousands of Euro as part of the “year of marriage” tax credit.

Mark Corcoran of Taxback.com explained: “2,272 couples in Cork said ‘I do’ in 2018, and hundreds more are no doubt gearing up for the big day as we are now firmly ensconced in wedding season. Last year 47 per cent (9865) of the 21,053 marriages for the year, took place in the months of June, July, August and September.

“So now is the perfect time to point our most recent observation – 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 4 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 4-year time frame for a refund, they can apply to check whether or not they are entitled to one.”

If you got married in the last four years and did not receive your ‘year of marriage’ relief then you could be due a refund for the year in which you got married.

In the year that couples get married, they continue to be taxed as single people but if the tax they pay as single people is greater than the tax payable as a married couple, the difference can be claimed as a tax refund.

For couples, particularly those who marry in the latter to end part of the tax year, the refund could be particularly generous

Source Cork Beo