If you are married or in a civil partnership and under 88 years old, you might be eligible for a £1,260 tax benefit known as the marriage tax allowance. Surprisingly, about 2.1 million qualifying couples overlook this opportunity despite the application process being straightforward.
The allowance allows you to transfer £1,260 of your personal allowance to them in return lowering the higher earner’s tax bill for the tax year. Your personal allowance represents the tax-free earnings permitted in each tax year, encompassing all taxable income such as salary, pensions, and other forms of income. Pensioners drawing a pension may also qualify. The allowance does have qualifying circumstances such as:
Once you meet the criteria, you can claim up to £252 and automatically receive the tax break each year going forward negating the need to reapply. Similarly, the marriage allowance claim can be backdated for up to four tax years.
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