Valentine’s Day is just around the corner, and married couples are being encouraged to consider giving the gift of Marriage Allowance to their spouse this year. This is a unique opportunity for couples to not only show their love for each other but also save up to £252 a year in taxes.
More than 2.1 million couples in the UK currently benefit from Marriage Allowance, but HM Revenue and Customs (HMRC) estimates that many more are missing out on this opportunity simply because they do not realize that they may be eligible. This includes couples where one partner has retired, has given up work to take on caring responsibilities, or is unable to work due to a long-term health condition.
Marriage Allowance allows customers earning less than £12,570 a year to transfer up to £1,260 of their Personal Allowance to their higher-earning partner, which helps reduce the amount of tax they pay. This transfer can also be backdated to include any tax year up to 6 April 2018, which could be worth up to £1,242 in tax relief.
The gift of Marriage Allowance is a valuable and meaningful present that married couples can give each other this Valentine’s Day. It offers a way to show love while also saving money and reducing taxes, making it a win-win for both partners. So if you’re looking for a unique and practical way to express your love this Valentine’s Day, consider giving the gift of a Marriage Allowance.
Valentine’s Day is just around the corner, and married couples are being encouraged to consider giving the gift of Marriage Allowance to their spouse this year. This is a unique opportunity for couples to not only show their love for each other but also save up to £252 a year in taxes.
More than 2.1 million couples in the UK currently benefit from Marriage Allowance, but HM Revenue and Customs (HMRC) estimates that many more are missing out on this opportunity simply because they do not realize that they may be eligible. This includes couples wherein one partner has retired, has ceased working to provide care, or is incapable of doing so due to a long-term health condition.
Marriage Allowance allows customers earning less than £12,570 a year to transfer up to £1,260 of their Personal Allowance to their higher-earning partner, which helps reduce the amount of tax they pay. This transfer can also be backdated to cover any tax year up to 6 April 2018, amounting to up to £1,242 in tax relief.
In conclusion, the gift of Marriage Allowance is a valuable and meaningful present that married couples can give each other this Valentine’s Day. It offers a way to show love while also saving money and reducing taxes, making it a win-win for both partners. So if you’re looking for a unique and practical way to express your love this Valentine’s Day, consider giving the gift of a Marriage Allowance.
Marriage Allowance is a valuable tax relief program available to eligible couples in the UK. However, many couples are missing out on this opportunity because they do not realize that they may be eligible, particularly those whose circumstances have changed. Angela MacDonald, HMRC’s Deputy Chief Executive and Second Permanent Secretary, has issued a statement urging eligible couples to take advantage of this program.
To help couples determine their eligibility, HMRC has provided a Marriage Allowance calculator on GOV.UK. This tool makes it easy to find out what you may be due and start the application process. And by applying directly through GOV.UK, couples can keep 100% of their tax relief claim.
Marriage Allowance is available to couples who are married or in a civil partnership and meet the following criteria: one partner does not pay income tax or earns less than the Personal Allowance of £12,570, and the other partner pays income tax at the basic rate, typically earning between £12,571 and £50,270. If eligible, couples can apply for free and receive a reduction in the amount of tax paid by the higher-earning partner.
The opportunity for couples to take advantage of Marriage Allowance tax relief is significant and should not be missed. HMRC is encouraging eligible couples to find out what they may be due and apply directly through GOV.UK to keep 100% of their claim. So, if you’re a married couple, take advantage of this opportunity and start reducing your taxes today.
Source: Gov[Dot]UK
