Couples urged to say ‘I do’ to key tax breakMarriage and Family
Married couples eligible for the married tax allowance have been urged to sign-up.
The call comes ahead of what’s known as the ‘wedding season’ with August traditionally being the most popular month for weddings.
CARE’s campaigned for the marriage tax allowance to be re-introduced after it was scrapped under previous governments.
Hard-hitting reports were published demonstrating the inequality in the UK’s income tax system which to this day penalises one-earner families especially.
In 2015, the then Government re-introduced the marriage tax allowance, setting it at 10 per cent.
The Marriage Allowance allows a couple to share their personal tax allowances if one partner earns below the Personal Allowance threshold of £12,570 and the other is a basic rate taxpayer.
Eligible couples can transfer 10% of their tax free allowance to their partner which is £1,260 in the 2022-23 tax year.
Ultimately, it means couples can save £252 a year and can receive backdated payments for the last four years as well.
Commenting, CARE’s James Mildred said: