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New Tax Break – do you know whether it may be beneficial to you?

New Tax Break – do you know whether it may be beneficial to you?

The government has issued information about a new tax break: registrations are now open for the new Marriage Allowance for married couples (including civil partnerships).

The tax break helps couple save up to £212 a year. From April 6, more than 4 million married couples and 15,000 civil partnerships will be eligible.

The Allowance means that the spouse or civil partner who does not pay tax or is earning below the basic rate threshold (£10,600) can transfer up to 10% of their personal tax-free allowance to the spouse who pays tax – as long as the recipient of the transfer doesn’t pay more than the basic rate of income tax.

Contact Khan Thornton to learn how this new Tax break/Marriage Allowance can be of help to you.