From 2015/16, married couples and civil partners can transfer up to £1,000 of their personal allowance to their partner, but only if neither individual pays tax at the 40% rate. It is therefore a modest tax break, worth a maximum of £200 each tax year, but every little helps (as we are often reminded)! The estimate is that over 4 million couples will benefit. There is no allowance transfer available where a man and woman are living together but are not married.
For more information and advice please contact Sue Stephens or John Elliott.
