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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