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Marriage Tax Allowance explained by Martin Lewis may add £1,260.
Summary
Martin Lewis said the Marriage Tax Allowance can add about £1,260 by letting one partner transfer part of their Personal Allowance to the other, and he noted couples can backclaim up to four previous tax years.
Content
Martin Lewis discussed the Marriage Tax Allowance on The Martin Lewis Money Show and outlined how the rule affects household tax bills. He described it as a marriage tax break worth about £1,260 and said it can be useful where one partner is not working, for example for childcare. He also noted that the rule generally applies to married couples under 90 and that there are different benefits for those over 90. The episode from February 10 is available on ITVX and the next show is scheduled for February 24.
Key points:
- The Marriage Tax Allowance was described on the programme as a £1,260 marriage tax break.
- Martin Lewis said the allowance lets one partner transfer part of their Personal Allowance to the other, which can reduce the household’s tax liability.
- He noted the rule generally applies to married couples under the age of 90, with a different benefit for those over 90.
- The non-taxpayer was reported as having £11,310 a year they can earn tax-free under the arrangement.
- The presenter said couples can backclaim up to four prior tax years by altering a tax code, which was reported as amounting to about a £1,000 benefit for past years.
- The February 10 episode is available on ITVX and the next episode was announced for February 24.
Summary:
The programme outlined how transferring part of a Personal Allowance between spouses can lower a household’s tax bill and that past years may be claimed back. The broadcast remains available on ITVX and further coverage is scheduled for February 24.
