Income Tax is for Life not just for Christmas...
From 6th April 2015 married couples and civil partners have been able to transfer £1,060.00 of their personal allowance to their partner. To make the transfer the headline requirements are:
Your annual income must be £10,600.00 or less AND
Your partners’ income must be between £10,601 and £42,385.00
Of course, the ideal scenario is the spouse transferring the £1,060.00 allowance has income of less than £9,540.00. This will ensure no income tax is paid by the transferor but the transferee’s income tax bill is reduced by £212.00 (£1,060.00 * 20% = £212.00).
Simply follow the link below to check eligibility online and make the arrangements:
Please also visit the below link for more details of How it Works:
Please do not confuse the “Marriage Allowance” with the “Married Couples Allowance”.
*Legislation may change in the future. The transferrable allowance may also change.
For further information please Contact Us