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Marriage Allowance : Are you claiming this tax benefit.

Updated: Dec 2, 2023

With tax increasing under the current government, tax bands lowering, bringing more people into higher rate tax at 40%, capital gains allowance reducing to £6,000 for 23/24 then £3,000 for next year, it makes it more important to claim the tax allowance due.

At three out of three of my last client meetings, this tax allowance was being overlooked.

The marriage allowance allows you to transfer £1,260 of your personal allowance to your civil partner, wife or husband. The personal allowance is currently £12,570 for the tax year 2023/34 so if you are not using all of it it makes sense to transfer some to your partner. The HMRC website says this can be reduce your partner's tax bill by £252 each year and furthermore if the allowance hasn't been claimed and there was an eligibility, a claim can be backdated to when the marriage allowance first came into being on from the tax year 6th April 2019 onwards.

That's five tax years worth, including 23/24 so £1,260 to potentially claim.

More information online from HMRC from their website you'll also find some worked examples. You can apply online, through self assessment or by completion of the marriage allowance form MATCF.

Big Picture Financial Planning are independent financial advisers not authorised tax advisers, so if you are in any doubt over your personal tax please consult your tax adviser or call HMRC.

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