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July 20. 2018

Financial perks of Marriage

Marriage brings many financial perks, one of which is the potential transfer of some of your Personal Allowances. For 2018/19 the Marriage Allowance lets you transfer £1,190 of your Personal Allowance to your spouse/civil partner. The person transferring it must earn less than their Personal Allowance, currently £11,850, although to be truly tax efficient they should earn less than £10,660, to make sure they don’t get a tax bill. While the personal receiving it cannot be a Higher Rate Taxpayer. 

To benefit from Marriage Allowance the following must apply:

·         you’re married or in a civil partnership,

·         the transferor does not pay income tax or your income is below your Personal Allowance,

·         the transferee’s only income is taxed at the basic rate, which in 2018/19 means taxable income of no more than £46,350.

When used correctly the transfer can help save Income Tax at 20% on the amount transferred, which in 2018/19 is £238. It may not seem like a lot but if this can keep you below the cap for Payments on Account this can really help with your cash flow.

Feel free to contact us if you would like further advice and guidance on this.



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