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Gloucestershire Business News

March is top month for Marriage Allowance claims

As the tax year draws to a close, couples who are married or in civil partnerships could be due a financial boost by sharing unused tax allowances.

HM Revenue and Customs (HMRC) has revealed March is the most popular month for Marriage Allowance applications, with almost 70,000 couples applying in March last year.

And with the option to backdate their claim for the previous four tax years, eligible couples could receive a lump-sum payment worth more than £1,000, in addition to reducing their tax bill for the 2023 to 2024 tax year by up to £252.

People can find out in 30 seconds if they are eligible by using the online Marriage Allowance Calculator.

Marriage Allowance saves couples money by allowing the lower or non-earner to reduce the amount of tax their partner pays by transferring up to £1,260 of their Personal Allowance to their husband, wife or civil partner.

The easiest way to claim Marriage Allowance is online via GOV.UK.

Angela MacDonald, HMRC's deputy chief executive and second permanent secretary, said:   "Marriage Allowance keeps money in your pocket by reducing the amount of tax you and your spouse pay by up to £252 a year. You can check your eligibility and apply on GOV.UK. Search 'Marriage Allowance' to find out more."

To benefit from the tax relief, one partner must have income less than the Personal Allowance of £12,570, and the higher earning partner's income must be between £12,571 and £50,270 (£43,662 in Scotland).

The government is offering help for households. Check GOV.UK to find out what financial and practical support, including income support, people could be eligible for.

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