Martin Lewis highlights marriage's potential £200,000 inheritance tax saving

Martin Lewis, the Money Saving Expert, discussed the financial benefits of marriage on ITV's The Martin Lewis Money Show, highlighting significant savings on inheritance tax. He revealed that couples can save up to £200,000, as anything left to a spouse is exempt from this tax, provided both are UK residents. Lewis emphasized that unused inheritance tax allowances can be transferred to the surviving spouse without any additional steps needed. He also clarified that these benefits only apply to married couples or those in civil partnerships, not cohabiting partners. In addition, Lewis introduced the marriage tax allowance, which can provide a tax break of £1,260 under certain conditions, further solidifying the financial advantages of marriage. He cautioned against incurring debt for weddings, urging couples to start their marriage financially sound.