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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.
Government borrowing fell to £7.8 billion in December 2023 giving Chancellor Jeremy Hunt more scope to make the tax cuts he has hinted at in the Spring Budget.
Tax cut promises may need to be scrapped as a result of the UK being in an 'unfortunate economic and fiscal bind', the Institute for Fiscal Studies (IFS) has warned.
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