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Tuesday, 24 February 2015

New UK Marriage Allowance - Know The Basics!

Married couples and civil partners can register online for a new tax allowance from today, but only households on low incomes stand to benefit. 

The marriage allowance permits a spouse or civil partner who doesn’t pay income tax to transfer up to £1,060 of their personal tax-free allowance to their partner.

But if that partner is a higher rate taxpayer, earning more than £42,386 a year, the couple will be excluded from the tax break.

The Government said the measure aims to introduce “recognition of marriage into our tax system” and claimed the allowance, which will be available from April 6, will save more than four million married couples and 15,000 civil partners up to £212 a year.

But it has been widely criticised for not making it available to all married couples and civil partners.

What about those of us who are not married?

Co-habiting couples miss out on the allowance, regardless of how much they earn or how long they have been together.

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