Tax Relief

Tax breaks: {Couples} can doubtlessly save lots of on marriage allowance eligibility | Funds

“Your partner’s tax burden will be reduced depending on the personal allowance for the years you are backdated,” explains GOV.UK.

This is a matter recently discussed by Kay Ingram, Director of Public Policy at LEBC Group.

Speaking to Express.co.uk, she said: “As of April 6th, the personal allowance will increase to £ 12,570, meaning the marriage allowance will save up to £ 251.40 a year in taxes for the higher earner.

“A four year retrospective claim will also increase slightly up to £ 1,218.40.”

Ingram went on to say that more couples could be eligible due to changes in tax bands and the coronavirus pandemic.

“As of April 6th, the income threshold at which higher tax (40 percent) is payable will increase from £ 50,000 to £ 50,270, except in Scotland where it will be frozen at £ 43,430.

“This, along with the increase in the personal allowance, means more couples will be eligible for the marriage allowance and benefit from an increase in their net take-away salary.

Related Articles