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New Marriage Allowance

March 13, 2015 Leave a Comment Written by jgadmin

If your income is less than £10,600 in the 2015 to 2016 tax year, you may be able to reduce your husband, wife or civil partner’s tax by up to £212 from April 2015.marriage allowance

The new Marriage Allowance will let you transfer some of your Personal Allowance to your partner. This is the amount of income people can get before paying tax(including employment income, savings and pensions).  Under the new Marriage Allowance scheme, an individual can transfer up to £1,060 of their unused allowance to their spouse or civil partner, as long as he or she is a basic-rate taxpayer.  Therefore, if they earn between £10,601 and £42,385 a year from April 15 onwards they will qualify for the new scheme.

Registration has opened for the new scheme through HMRC.  Please click on the below link for further information.

www.gov.uk/marriage-allowance

 

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