Married? Civil Partnership? You might be £212 a year better off
From Feb 2015, millions of married couples are being invited to apply for the marriage allowance scheme, worth up to £212 per year.
It works by transferring up to £1,060 of unused personal allowance from one spouse or civil partner to their partner, where that recipient partner is paying no more than the basic rate of income tax. A maximum tax saving of £1,060 @20%, i.e. £212 is achieved.
It is estimated that only about one third of married couples are eligible for the tax break although David Cameron and Chancellor George Osborne have hinted that the scheme will be expanded if the Conservatives win the upcoming general election.
Register your interest in Marriage Allowance at www.gov.uk/marriage-allowance