Local Member of Parliament Craig Tracey has today urged qualifying married couples and civil partners in his constituency to make the most of tax savings from the Marriage Allowance.
The Marriage Allowance is a Government initiative launched in April to recognise the importance of marriage in the tax system.
Craig Tracey MP for North Warwickshire and Bedworth explained:
“Individuals who qualify can transfer 10 per cent of their personal allowance to their spouse saving up to £220 for this year. There is a simple online application for Marriage Allowance just go to www.gov.uk/apply-marriage-allowance. This is a useful saving to help support families.”
The criteria for Marriage Allowance is:
- You are married or in a civil partnership
- You don’t earn or you don’t pay tax on your income (If you currently earn less than £11,000 a year).
- Your partner does not earn more than £43,000 a year.
Treasury Minister Jane Ellison stated:
“HMRC is raising awareness of the savings to couples that the Marriage Allowance offers. You can still apply if you or your partner is currently receiving a pension and if you were eligible for the 2015-16 tax year you can backdate your claim and save up to £432.”