Over the course of the festive season we’ll be bringing you an advent calendar’s worth of tax and financial tips. Some of them might even be a little Christmassy! On day 2, something for all the lovers out there…
The Marriage Allowance
August is the most popular month for UK couples to tie the knot so what better gift could you give for your first Christmas as spouses (or civil partners) than 10% of your unused personal allowance?
Provided your total income is no more than £11,250 and your spouse’s income is no more than £50,000 then you can give them up to £1,250 of your personal allowance. This mini-return to the joint taxation of spouses will reduce the household tax bill by £250.
You have to make the claim to HMRC directly but the extra effort will be worth it when you see the look in your other half’s eyes when you present the HMRC confirmation letter to them on Christmas morning!
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