Those who are either married or in civil partnerships are being reminded that they could be due a financial boost by sharing unused tax allowances.
According to HMRC, this is the most popular month for Marriage Allowance applications, with almost 70,000 couples applying in March last year. Plus, couples have the option to backdate their claim for the previous four tax years.
Eligible couples could receive a lump-sum payment worth more than £1,000, in addition to reducing their tax bill for the 2023 to 2024 tax year by up to £252.
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To benefit from the tax relief, one partner must have an income less than the Personal Allowance of £12,570, and the higher earning partner’s income must be between £12,571 and £50,270.
Angela MacDonald, HMRC’s Deputy Chief Executive and Second Permanent Secretary, said, “Marriage Allowance keeps money in your pocket by reducing the amount of tax you and your spouse pay by up to £252 a year. You can check your eligibility and apply on GOV.UK. Search ‘Marriage Allowance’ to find out more.”
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