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Save money, save on your tax bill in UK
Posted: Thu 19 Mar 2015 4:44 pm
by laptatony
Just been reading about a change in tax laws coming in for the next tax year. Not a great saving but up to £200, better in our pockets rather than the tax man. This is an extract I have just read:
From the tax year 2015/16 you will be able to transfer up to £1000 of unused allowances from one spouse to another. Assuming a tax rate of 20% this will be worth £200. A claim has to be made after the end of each tax year.
I'll follow up and see if I can find more information. Anyone else know about this.
Re: Save money, save on your tax bill in UK
Posted: Thu 19 Mar 2015 5:08 pm
by waddo
https://www.gov.uk/search?q=married+couples+allowance
All you ever wanted to know about something you probably can't have anyway!!!
Re: Save money, save on your tax bill in UK
Posted: Thu 19 Mar 2015 6:00 pm
by Col
This was not a budget announcement and was already in place. It is not available to 40% tax payers.
Re: Save money, save on your tax bill in UK
Posted: Thu 19 Mar 2015 6:30 pm
by laptatony
This was announced last year, applies to the 20% taxable element, but everything helps.
Re: Save money, save on your tax bill in UK
Posted: Thu 19 Mar 2015 6:34 pm
by jofra
This transferring of allowance is actually the new incoming
Marriage Allowance (as explained
here, rather than the
Married Couple allowance, for which one has to be have been born 1935 or earlier. Even so, £212 is better in my pocket than theirs!
Re: Save money, save on your tax bill in UK
Posted: Thu 19 Mar 2015 6:38 pm
by laptatony
HM Revenue & Customs
Reply from HM Gov
Thank you for registering your interest in the new Marriage Allowance for married couples and civil partnerships.
within 14 weeks when applications for the Marriage Allowance open. You'll then be invited to apply online. There is no need to contact us.
Re: Save money, save on your tax bill in UK
Posted: Thu 19 Mar 2015 6:40 pm
by laptatony
Jofra, my reading of eligibility is born after 1935! I'll check this out.
Re: Save money, save on your tax bill in UK
Posted: Thu 19 Mar 2015 7:28 pm
by jofra
From
https://www.gov.uk/calculate-married-co ... wance/y/no (when ticking the 'no' box in reply to the question 'Were you or your partner born before 6 April 1935?' -
"Calculate your Married Couple's Allowance
You don't qualify for Married Couple's Allowance.
You or your partner had to be born before 6 April 1935 to be eligible for Married Couple’s Allowance.
If you and your partner were born on or after 6 April 1935, you may be able to claim Marriage Allowance instead."
Re: Save money, save on your tax bill in UK
Posted: Sat 21 Mar 2015 11:06 pm
by Col
Probably not an issue for most but to clarify it is not the 20% element but only if you are 20% tax payer.
Re: Save money, save on your tax bill in UK
Posted: Sat 21 Mar 2015 11:45 pm
by Dalartokat
I put a link on earlier "BBC Money Box" it tells you about it on there.