In a bid to boost financial wellbeing, HMRC has advised married couples and those in civil partnerships to take just 30 seconds of their time to assess their eligibility for marriage allowance.
By utilising HMRC’s online marriage allowance calculator, couples can quickly determine if they qualify and potentially enhance their finances by up to £252 annually.
Marriage allowance facilitates tax savings by enabling the lower or non-earning partner to reduce their partner’s tax liability. The lower earner can transfer £1,260 of their personal allowance to their spouse or civil partner, potentially reducing tax by up to £252 a year.
Eligible couples can also retroactively claim for the previous four tax years to secure a lump-sum payment exceeding £1,000.
HMRC’s Deputy Chief Executive and Second Permanent Secretary, Angela MacDonald, said:
“The marriage allowance calculator helps couples to find out in seconds how much they stand to benefit. Check today and claim right away. It’s a quick and easy process that’s worth up to £252 a year.”
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If you would like to discuss this or any other tax planning, please get in touch.
