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Married Couples Allowance

Transfer unused tax allowance to save up to £212.00 in tax year 2015/16

If you are a married couple or are in a civil partnership, you may qualify for couples tax relief worth up to £212 in 2015/16.

Who does this apply to?

This tax relief is available to married couples and couples in a civil partnership where one partner earns less than £10,600 and the other partners income is below the 40% tax threshold.

One of us is self employed, are we still eligible?

This tax relief is available whether your income is from employment, self-employment, pension income, savings or a combination of these; provided your total income is within the allowable bands.

The 2015/16 tax year is nearly over, can we still apply?

Yes. You can register your interest with HMRC by clicking on this link If you register before the end of the current tax year, and you and your partner qualify, then you can claim entitlement for the full tax year.

How will we know if we are eligible?

1. To benefit from the Married Couples Allowance the higher earning partner/ spouse must have earnings of between £10,601 and £42,385 in the 2015/16 tax year.
2. Both members of the couple must have been born on or after 6 April 1935. There is a slightly different allowance available if you were born before this date.
3. The lower earning partner/ spouse must earn less than £10,600 in the 2015/16 tax year. The maximum relief will be available where the lower earning partners total taxable income is £9,540, or lower in 2015/16. If the lower income earning partners income falls between £9,540 and £10,600, then the amount of relief available to transfer across to the higher earning partner/spouse will be reduced accordingly.

If you would like to more about how this tax relief might benefit you please contact us at JSR Chartered Accountants.