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From April 2015 married couples and registered civil partners (all referred to as spouses in this article) may be eligible for a new transferable tax allowance. The transferable tax allowance will enable certain spouses to transfer a fixed amount of their personal allowance to their spouse. The maximum amount permitted is 10% of the personal allowance which will be £1,050 for 2015/16.
The option to transfer will be available to couples where neither pays tax at the higher or additional rate. If eligible, one spouse will be able to transfer £1,050 of their personal allowance to the other spouse. It will mean that the transferee will be able to earn £1,050 more before they start paying income tax, a potential saving of £210.
The claim will be made online and entitlement will be from the 2015/16 tax year. Couples will be entitled to the full benefit in their first year of marriage.
If you would like further information on this or on any other personal tax issues please do not hesitate to contact us.
Why not contact Wilkes Tranter & Co Limited today for more information or a FREE no obligation quote.
Chancellor Rishi Sunak has announced a new £4.6 billion package of grants to support businesses through the latest national lockdown.
Chancellor Rishi Sunak has extended the Coronavirus Job Retention Scheme (CJRS) until the end of April 2021.
As always, the wellbeing of our staff and clients remains our priority and is at the forefront of our mind when considering our response to the current coronavirus situation. At present our office remains open during normal working hours however we are discouraging face to face contact and are moving to telephone/ e-mail communication wherever possible in an effort to protect ourselves and our clients.
In the absence of face to face meetings, you can contact us as follows:
Please be assured that we will be continuing to offer the best service and advice during this difficult period.
We will continue to closely monitor government advice on the situation and act accordingly.