New Tax Breaks For Civil Partnerships and Marriages

16th April 2015 Posted by -

If you’re married or in a civil partnership you may well now be in line to save an additional £212 a year. From April 6th, more than four million married couples and 15,000 civil partners who earn more than £10,600 income tax personal allowance for 2015/16 are able to transfer £10,600 of their allowance to their spouse, providing the recipient doesn’t pay higher rate (40%) or additional rate (45%) tax.

This also applies where a higher earner is self-employed and it means that together, a couple will pay less tax. You can refer to a tax rates guide to break down what the taxman gets here.

The plans were announced by Prime Minister David Cameron in 2013 and published in the 2014 Budget, but didn’t come into force until April 6 2015. To register your interest with HMRC, visit this site.

Whilst we’re on the subject you might also find these resources of use:

> Free Tax Code Calculator – http://www.moneysavingexpert.com/family/check-tax-code

> Income Tax Checker – http://www.moneysavingexpert.com/tax-calculator/

For more information on income tax and your allowances, speak to the experts at Burton’s Alexander Accountancy. Click here to get in touch with a member of our team.