Save money, save on your tax bill in UK

[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.

[waddo]

https://www.gov.uk/search?q=married+couples+allowance

All you ever wanted to know about something you probably can't have anyway!!!

[Col]

This was not a budget announcement and was already in place. It is not available to 40% tax payers.

[laptatony]

This was announced last year, applies to the 20% taxable element, but everything helps.

[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!

[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.

[laptatony]

Jofra, my reading of eligibility is born after 1935! I'll check this out.

[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."

[Col]

Probably not an issue for most but to clarify it is not the 20% element but only if you are 20% tax payer.

[Dalartokat]

I put a link on earlier "BBC Money Box" it tells you about it on there.