A Million Couples Still Missing Out
According to HMRC, up to a million couples are still not taking advantage of a simple scheme that could save them up to £900.
The Marriage Allowance was introduced in April 2015 and allows you to transfer £1,190 of your personal allowance to your partner. This could effectively save you up to £238 per year in tax, based on this year’s rates. Claims can also be backdated to April 2015, meaning a possible further £662 as a lump sum.
To apply all you need is to fill in a simple online form and satisfy HMRC criteria. Find out more at: www.gov.uk/marriage-allowance
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.