1.3m married couples boosted their finances in 2016
09 January 2017
According to HMRC more than 1.3 million couples across the UK have boosted their finances with the Marriage Allowance.
However around 4.2 million married and civil partner couples are eligible for the free tax break worth up to £220 per year. HMRC are saying why not start 2017 with a bit of a financial boost; since the start of the new tax year in April couples can backdate their allowance and boost their payment up to £432.
Applying for Marriage Allowance is quick and easy with the online form, and with customers being able to apply at any stage in the tax year, and still receive the full entitlement, there really is nothing to lose.
Everyone has a tax-free personal allowance of £11,000 and no tax is due on income up to this amount. The Marriage Allowance allows a spouse or civil partner who earns less than their personal allowance to transfer £1,100 of it to their partner – as long as their partner doesn’t pay more than the basic rate of Income Tax.
Couples have four years to claim their backdated allowance and can apply at www.gov.uk/marriage-allowance.