Readers of my blog and book will know that I am a big fan of marriage for tax purposes!
(For romance advice, please read other blog writers!).
Up to this point, the big advantage of being married for tax purposes was for capital gains tax and inheritance tax. However, now there is a new way to save tax for married couples – the marriage allowance.
This is for couples where one partner earns over £10,600 and one partner earns under so is not utilising their full personal allowance. You can transfer up to £1,060 to the partner with the lower income and save tax of up to £212.
It is pretty easier to do, follow this link….
https://www.gov.uk/marriage-allowance
The lower income partner needs to complete the form, all they need is full name, NI number and date of birth for both partners.
Fill it in and submit online. Tax codes are then adjusted by HMRC.
The maximum amount that can be shared is £1060 with a maximum tax saving of £212
The higher earner needs to have an income of between £10,600 and £42,385
