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The SK Accountants team
Couples are being encouraged to say “I do” by the taxman to make income tax savings.
Marriage Allowance allows married couples or people in civil partnerships to share their personal tax allowances if one partner earns below the Personal Allowance threshold of £12,570, and the other is a basic rate taxpayer.
How does the transfer scheme work?
Now as summer weddings gather pace, HM Revenue and Customs (HMRC) is reminding couples to sign up for the scheme which allows them to transfer 10 per cent of their tax-free allowance to their partner, which is £1,260 in 2022/23.
When you transfer some of your Personal Allowance to your husband, wife or civil partner you might have to pay more tax yourself, but you could still pay less as a couple.
How much can I save?
It is free to apply for and can be done at any time, with the result that couples can reduce the tax they pay by up to £252 a year.
To benefit as a couple, the lower earner must normally have an income below the Personal Allowance. If part of their personal allowance is transferred to the higher earner, the lower earner may become eligible for tax, but the higher earner, for instance on £20,000, will benefit more with the result of a smaller joint tax bill.
Couples can also backdate their claims for up to four previous tax years.
Even if couples don’t qualify for Marriage Allowance when they first get married, a change in circumstances years later could mean they become newly eligible. These include:
Marriage Allowance claims are automatically renewed every year. However, couples should notify HMRC if their circumstances change.
For help and advice on personal taxation, please give us a call today.
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