Married couples are being urged to consider giving the gift of Marriage Allowance to their husband, wife or civil partner this Valentine’s Day, and save up to £252 a year.
More than 2.1 million couples currently benefit from Marriage Allowance, but HM Revenue and Customs (HMRC) estimates that thousands more couples are missing out because they don’t realise they may be eligible, particularly couples where one partner has retired, has given up work to take on caring responsibilities, or is unable to work due to a long-term health condition.
Taxpayers earning less than £12,570 a year can transfer up to £1,260 of their Personal Allowance to their higher-earning partner, to reduce the amount of tax they pay. They can also backdate their claim to include any tax year up to April 6, 2018, which could be worth up to £1,242 in tax relief.
