Home Latest News Money-saving expert Martin Lewis has warned that millions of Britons may lose...

Money-saving expert Martin Lewis has warned that millions of Britons may lose £1,000. can disappear from

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Martin Lewis says millions of Britons may own up to £1,000 – but they don’t know it.

money saving expert The UK claims that a large number of people in the UK can claim tax breaks of up to £250 per year only when they are married or in a civil partnership.

Speaking on a special edition of martin lewis money show live, the finance expert explained: “If you’re a married couple or in a civil partnership—not common law, then simply living together doesn’t matter—and one of you is a non-taxpayer, the other is the original 20 percent rate of the taxpayer.” , then this person can give 10 per cent of his tax-free allowance to another person.

“You apply online on GOV.Uk and this year it costs about £250, but you can go back four years. Last years are done by cheque, this year by tax code change. It’s very Fascinating, there are over a million people who are not claiming it.”

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How does marriage tax allowance work?

If one partner earns less than his personal allowance, which is £12,570 for tax year 2021/22 and the other partner is a basic rate taxpayer (from £12,571 to £43,662), the lower income earner will transfer 10% of his personal allowance Tax may reduce tax bills for high earners and high earners, reports men.

This transfer means that the higher earning partner now has a higher personal allowance and will pay less tax on his total earnings.

Travel GOV.UK To know more about and claim marriage allowance.

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Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of knews.uk and knews.uk does not assume any responsibility or liability for the same.

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