From 6th April 2015, transferable tax allowances will finally come into place for married couples. It is hoped that this new measure will provide financial benefits for married couples through taking into account the tax liabilities of a couple together. This relief offers tax benefits for those married or in a civil partnership born before 6 April 1935. For 2015/16 the personal income tax allowance will rise to £10,600. In situations where one partner’s earnings are less than this (including pensions, savings and investment income) they may be entitled to the Marriage Allowance. The scheme allows the transfer of 10% of unused personal allowance to a partner. The partner making the transfer, which could be up to £1060, must have earnings within the basic rate tax threshold, which is £42,385 for 2015/16. Making full use of this relief could save couples up to £212 per year. The government estimates that over four million married couples and 15,000 civil partnerships will benefit from the new measure.
If you believe you are entitled to the new transferable tax allowance, you can apply for it here
Transferable Tax Allowances
Monday 2 March 2015
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