Marriage tax break
The Marriage allowance was first put in place in April 2015 for people born after April 6th 1935.
This tax break is for married couples of which one earns less than £11,000 per annum and the other is on a basic tax rate (£11,001 – £43,000), it means the partner earning below £11,000 is able to transfer 10% of their allowance (£1,100) to the other. This can also be dated back one year so it is possible for a £432 cash saving for the two years or £220 for the one year.
There are currently over 4 million couples who are able to apply for this tax break, however less than half have claimed it, If you and your partner would like to apply for this go to the HMRC website by clicking here.
If you would like more information please don’t hesitate to contact us on the details below.
Ad Valorem Accountancy Services