Married couples could get financial boost

As the tax year draws to a close, Lanarkshire couples who are married or in civil partnerships could be due a financial boost by sharing unused tax allowances.

HM Revenue and Customs (HMRC) have revealed March is the most popular month for Marriage Allowance applications, with almost 70,000 couples across the UK applying in March last year.

And with the option to backdate their claim for the previous four tax years, eligible couples could receive a lump-sum payment worth more than £1000, in addition to reducing their tax bill for the 2023 to 2024 tax year by up to £252.

People can find out in 30 seconds if they are eligible by using the online Marriage Allowance Calculator.

Marriage Allowance saves couples money by allowing the lower or non-earner to reduce the amount of tax their partner pays by transferring up to £1260 of their Personal Allowance to their husband, wife or civil partner.

The easiest way to claim Marriage Allowance is online via GOV.UK.

Angela MacDonald, HMRC’s deputy chief executive and second permanent secretary, said: “Marriage Allowance keeps money in your pocket by reducing the amount of tax you and your spouse pay by up to £252 a year.

“You can check your eligibility and apply on GOV.UK. Search‘Marriage Allowance’to find out more.”

To benefit from the tax relief in Lanarkshire, one partner must have income less than the Personal Allowance of £12,570, and the higher earning partner’s income must be between £12,571 and £43,662.

When you transfer some of your Personal Allowance to your husband, wife or civil partner you might have to pay more tax yourself, but you could still pay less as a couple.

The UK Government is offering help for households; head to the website GOV.UK to find out information on what financial and practical support, including income support, people could be eligible for.