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Couples celebrate Valentine’s Day with £250 tax break

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Couples celebrate Valentine’s Day with £250 tax break

HM Revenue & Customs (HMRC) is urging civil partners and spouses to celebrate Valentine’s Day by claiming the Marriage Allowance.

It comes after new research revealed that up to two million couples are missing out on the tax break worth up to £250 each year.

The Marriage Allowance enables partners with an income of £12,500 or less to transfer up to £1,250 of their Personal Allowance to their significant other (providing they pay income tax at the basic rate between £12,501 and £50,000).

Claims can also be backdated by up to four years to April 2015, meaning couples could, in theory, claim a tax rebate of £1,150 – now that’s a Valentine’s to remember!

Commenting on the relief, Angela MacDonald, HMRC’s Director General for Customer Services, said: “Applying for Marriage Allowance is a quick and easy way for married couples and people in a civil partnership to have £250 or more put back in their pockets.

“It’s fantastic to see so many couples have already put a few minutes aside to apply, and we hope many more will sign up this Valentine’s Day to take advantage of this tax relief.”

To get started on your claim, click here.

For more personal tax planning help and advice, get in touch with our expert team today.

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