HMRC, or HM Revenue and Customs as it is perhaps more formally known, helps millions of people with their tax affairs each year. However, an action which is little-known is how married couples could be able to get a significant tax break annually. Certain married individuals will be able to slash their tax bill through the Marriage Allowance service offered by HMRC.
Marriage Allowance allows individuals to transfer £1,250 of their Personal Allowance to their husband, wife or civil partner within a tax year.
Each tax year this could reduce a person’s bill by up to £250.
There are, however, certain eligibility criteria which it is worth bearing in mind before looking to claim the tax break.
Marriage Allowance permits people who are earning £12,500 or less transfer the aforementioned sum of their Personal Allowance.
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It is worth noting, though, Marriage Allowance cannot be claimed for couples who are co-habiting, only those in a civil partnership or who are married.
However, while the payout from…
