HMRC has highlighted that three million UK couples have already taken advantage of Marriage Allowance but a million more are still eligible for the tax break.
The Marriage Allowance allows certain couples, where neither pay tax at more than the basic rate, to transfer 10% of their unused personal allowance to their spouse or civil partner, reducing their tax bill by up to £238 a year in 2018/19. The allowance was introduced in 2015 and it is possible to backdate the claim to earlier tax years.
For more information please do not hesitate to contact the team at Ward Williams Financial Services Ltd on 01932 830664 or by email on firstname.lastname@example.org.
Photo credit: Nick Karvounis