Couples – don’t forget the tax perk of up to £212 from 6th April 2015
Up to 4 million married couples and 15,000 civil partnered couples could claim a new income tax cut from 6th April 2015 of up to £212. It’s of particular interest to stay-at-home parents but it’s also of interest to all married couples and civil partners where one of the couple doesn’t earn more than £10,600.
The partner who doesn’t pay tax or utilize all of their personal allowance can transfer up to £1,060 of their allowance to their spouse or partner – as long as the recipient only pays income tax at 20% (they earn less than £42,385 in 2015/2016).
Retired couples will also qualify if one has a lower pension income and both were born on or after 6th April 1935.
If you meet the criteria for this income tax allowance you need to claim it as it’s not automatically applied, please contact us today to discuss this or any other tax related issues that you may have.