A scheme offering tax savings to married couples is now open for registration.
The ‘Marriage Allowance’ is available to spouses earning less than £10,600 per year. It will allow them to transfer part of their ‘personal allowance’ to their partner, reducing the couple’s overall tax liability by up to £212 per year. A personal allowance is the amount individuals can earn without being required to pay tax: £10,000 per year in most circumstances.
Applicants must be married or in a civil partnership. The maximum allowable income includes pensions and investment income and not just salaries, and the spouse benefiting from the transfer cannot earn more than £42,385.
The Marriage Allowance is due to be introduced later in the year.
Read more here.
