Cast your mind back a year or two…when the Government pre-announced a new Married Couples Allowance.
Well this has now arrived, and applies from 6 April 2015.
Good news for some…but the relief is not as generous or straightforward as we might have hoped.
The tax break is worth a maximum of £212 per couple per year. However, it only applies provided neither spouse/civil partner is a higher rate tax payer.
One can then transfer up to £1,060 of their personal allowance to the other one. Relief will be given via an adjustment to the PAYE tax code.
If you are interested in applying for the allowance you should first register your interest at www.gov.uk/marriageallowance.
You should then receive an email after 6 April 2015 detailing how to actually apply for the relief.
For more information please call Lesley Sutton on 01484 550 037 or email firstname.lastname@example.org for more details.