HM Revenue and Customs (HMRC) recently revealed that nearly 1.8 million married couples and those in civil partnerships across the UK are using Marriage Allowance to save up to £252 a year in Income Tax.
Summertime is always a popular season for weddings, and newly married couples or those in civil partnerships could be eligible for the tax saving.
And even if they have been married for years, a change in circumstances could also mean they are newly eligible. Marriage Allowance allows married couples or those in civil partnerships to share their personal tax allowances if one partner earns an income under their Personal Allowance threshold of £12,570 and the other is a starter, basic or intermediate rate taxpayer.
They can transfer 10 per cent of their tax-free allowance to their partner, which is £1,260 for the 2021/22 financial year. It means couples can reduce the tax they pay by up to £252 a year and they can backdate their claims for any of the four previous tax years, which could be worth up to a total of £1,220.
Read more on dailyrecord.co.uk