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HMRC offers tax saving for married couples

2016
10
JAN

In September 2015 the Government made the Marriage Allowance available to couples where one of them earns less than the personal threshold for tax, currently £10,600.

HMRC Marriage Allowance

The Marriage Allowance works by allowing the higher earning person to transfer £1,060 of their personal allowance to their husband, wife or civil partner.  The lower earner needs to have an income of less than £10,600 and the higher earner will need to be earning between £10,601 and £42,385.

You can apply for the Marriage Allowance online or when completing your Self Assessment Tax Return.  Once you have applied for the Marriage Allowance the transfer of this personal allowance will continue every year until one of you cancels it.

The tax saving amounts to £212 for the current tax year (2015/16).  

Related Tags:  HMRC |  Tax | 
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