The Marriage Tax allowance was established by the government to help married couples and people in civil partnerships, where one partner is a standard rate income tax payer and the other does not pay tax. The allowance works by letting the non-tax payer transfer £1,190 of their Personal Allowance to their partner.
Around 4 million couples have applied and qualified for the allowance since it was introduced but, according to HMRC, a million are yet to claim it.
The allowance is worth up to £238 per year in tax relief, and because it is possible to backdate allowances as far back as 2015, payments could be worth as much as £900.
If you believe that you qualify then apply online at the HMRC website today.
Lewis Smith & Co. can help you with all aspects of tax planning to ensure that you pay no more tax than you should. Contact us today for a no obligation discussion of your tax position. Call 01384 235549 or email firstname.lastname@example.org.
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