From the 6th of April, no or low-income individuals will be able to reduce their husband, wife or civil partners’ tax by up to £212 per year. The new scheme enables non-taxpaying individuals to offset up to £1,060 unallocated personal allowance against their partner’s income – assuming the partner pays no more than the basic rate of tax.
MIke Hanson, Chief Executive of Vernon Building Society said:
“Whilst the gain is relatively modest, the new allowance will provide eligible taxpayers with up to £17.66 relief per month, a difference which could particularly benefit young families whose partners may have been forced to stay at home due to the increasing costs associated with childcare.”
For more information and to register for the new Marriage Tax Allowance, visit www.gov.uk/marriage-allowance.
HMRC warns of Self Assessment scams 
Inflation rose to 3.8% in July 
Vernon Building Society launches financial education campaign for 13-21 year olds