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Another great tax saving opportunity!

By March 6, 2015February 12th, 2019No Comments

From the 6th April married couples and civil partners will be able to cut their annual tax bill by up to £212 of tax per year, and you can register now for the 2015/16 tax year.

This tax saving opportunity allows low-paid partners to transfer some of their Personal Allowance to their other half. To qualify for the Marriage Allowance all of the following must apply:

  • You’re Married or in a Civil Partnership; and
  • You have an annual income of less than £10,600 (including Pensions, Savings and Investment Income); and
  • Your Spouse or Civil Partner has an annual income of between £10,602 and £42,385; and
  • You were both born on or after 6th April 1935.

If one partner earns less than £10,600 a year, they can transfer £1,060 of their Personal Allowance to their higher-earning spouse, so long as their partner does not pay the higher or additional rate of Income Tax.

To register for this allowance click here.

If you have any questions, please do not hesitate to contact your Cullen Wealth consultant.