HM Revenue and Customs (HMRC) is urging thousands of married couples and people in civil partnerships not to miss out on an extra cash boost from the taxman this Valentine’s Day.
More than two million couples have already applied for Marriage Allowance since it launched in 2015, a tax break which allows married couples or those in civil partnerships to share their personal tax allowances if one partner earns an income under their Personal Allowance threshold of £12,570, and the other is a starter, basic or intermediate rate taxpayer.
Eligible couples can transfer 10% of their tax-free allowance to their partner, which is £1,260 for 2021/22, and means they could reduce the tax they pay by up to an impressive £252 a year.
