From April 2015 the Government is introducing Marriage Allowance. This will allow spouses and civil partners will be entitled to transfer £1,060 of their personal allowance (the amount of income that people can earn before paying tax) to their spouse or civil partner.
The transfer of the personal allowance will mean that a person will be able to save their husband or wife up to £212 of tax in the 2015/16 tax year however, to be eligible the recipient must not be subject to income tax at the higher or additional rate.
To be able to claim Marriage Allowance a person must meet all of the following;
– be married or in a civil partnership
– have an annual income of less than £10,600 including all savings, investments and pension income
– their spouse or civil partner must have an income between £10,601 and £42,385
– both born after 6th April 1935
Marriage Allowance will be available later this year but a person can register their interest now in order to be informed of when they can claim. Visit Marriage Allowance – Register Your Interest to complete the form.