Around two million low-income couples are expected to be given a £2,500 boost in Friday’s emergency Budget.
Liz Truss wants to allow the transfer of all personal tax allowances between married couples and civil partners, where one earns below the £12,570 tax free threshold, Mirror Online reports. Currently, a lower earner can 'gift' £1,260 of allowance – saving £214 tax after adjustments. That could rise tenfold.
Chancellor Kwasi Kwarteng is examining the figures to see whether he can afford the extra £5.8billion now – or wait until the full Budget later this year. He will definitely axe April’s National Insurance rise and reverse a planned hike in corporation tax from 19pc to 25pc. The joint cost will be £30billion.
