Posted on 9 March 2015
Married couples and civil partners can now benefit from an annual tax reduction due to a new policy implemented by the conservative government. More than four million married couples, and 15,000 couples in civil partnerships, will be eligible for the new marriage allowance regime.
To be eligible one member of the couple must earn less than £10,600 per year in order to transfer part of their unused personal allowance to their spouse or civil partner provided they are not a higher or additional rate tax payer.
Additionally, couples must be born after 6th April 1935 to benefit from it. It is estimated that couples could potentially receive a tax reduction of up to £212 per year under this new regime depending on their income, which is roughly £17.99 per month.
For more information or to register your interest, contact your Smith Cooper advisor.