Are you entitled to a £200+ tax deduction in 2015/16?

Payroll, Personal Tax, Uncategorized l

MoneyIt has been estimated that 4 million married couples and civil partners are set to benefit from the new “Marriage Allowance” which comes into effect from 6th April, which can be worth up to £212.

The Marriage Allowance enables a spouse/civil partner with income below the Personal Allowance level (£10,600 for 2015/16) to transfer £1,060 of their Personal Allowance to their higher-income spouse or partner, so long as that person is not a higher rate taxpayer (for 2015/16 this is gross taxable income of £42,385).

The “old” marriage allowance continues to be in place for couples where one or both were born before 6th April 1935.

We will be reviewing the entitlement for all our tax return clients in preparing your tax returns.

If you have tax collected through a PAYE scheme, you can register online for the relief at