Prime minister David Cameron has announced that from April 2015, married couples and civil partners will be eligible for a new transferable tax allowance, commonly referred to as the ‘marriage tax break’, which will see more than 4m couples (including 15,000 in civil partnerships) benefit from su
Prime minister David Cameron has announced that from April 2015, married couples and civil partners will be eligible for a new transferable tax allowance, commonly referred to as the ‘marriage tax break’, which will see more than 4m couples (including 15,000 in civil partnerships) benefit from summer 2016.
The transferable tax allowance for married couples will enable spouses and civil partners to transfer a fixed amount of their personal allowance to their spouse, and the option to transfer will be available to couples where neither partner is a higher rate taxpayer. For a couple choosing to use the transferable tax allowance, one individual will be able to transfer £1,000 of their personal allowance to their spouse or civil partner. It will mean that the higher earner will be able to earn £1,000 more before they start paying income tax.
The policy benefits married couples, including same-sex married couples and civil partners, where one is a basic rate taxpayer (earning below £42,285 in 2015 to 2016) and one has unused personal allowance. The claim will be made online and entitlement will be from the 2015 to 2016 tax year. Couples will be entitled to the full benefit in their first year of marriage. For those couples where one person does not use all of their personal allowance at the moment, the tax benefit will be up to £200.
Prime minister David Cameron has announced that from April 2015, married couples and civil partners will be eligible for a new transferable tax allowance, commonly referred to as the ‘marriage tax break’, which will see more than 4m couples (including 15,000 in civil partnerships) benefit from su
Prime minister David Cameron has announced that from April 2015, married couples and civil partners will be eligible for a new transferable tax allowance, commonly referred to as the ‘marriage tax break’, which will see more than 4m couples (including 15,000 in civil partnerships) benefit from summer 2016.
The transferable tax allowance for married couples will enable spouses and civil partners to transfer a fixed amount of their personal allowance to their spouse, and the option to transfer will be available to couples where neither partner is a higher rate taxpayer. For a couple choosing to use the transferable tax allowance, one individual will be able to transfer £1,000 of their personal allowance to their spouse or civil partner. It will mean that the higher earner will be able to earn £1,000 more before they start paying income tax.
The policy benefits married couples, including same-sex married couples and civil partners, where one is a basic rate taxpayer (earning below £42,285 in 2015 to 2016) and one has unused personal allowance. The claim will be made online and entitlement will be from the 2015 to 2016 tax year. Couples will be entitled to the full benefit in their first year of marriage. For those couples where one person does not use all of their personal allowance at the moment, the tax benefit will be up to £200.
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