Spread The Love With Marriage Allowance For Valentine's Day

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November 5th 2024
Tax Week 31
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Spread The Love With Marriage Allowance For Valentine's Day

Celebrate your love this year by claiming Marriage Allowance and you could save up to £252 a year!

This Valentine’s Day, why not give your beloved the gift of Marriage Allowance and reap the rewards of up to £252 in potential tax savings each year! There's no better way to show your love than to help them keep more of their income.

Over 2 million couples are already benefiting from this romantic allowance, but HMRC estimates that thousands more are missing out. So, don’t let your love fizzle out - if one partner has retired, given up work to look after someone, or has a long-term health condition, then you two could be a match made in tax heaven.

One half of a married couple or civil partnership earning less than the personal tax-free allowance (currently £12,570) can transfer up to £1,260 to the higher earning half of the relationship. The only caveat is that the higher earning half cannot be a 'higher-rate' taxpayer - this means their gross income should be below £50,270.

However, what can make this quite a lucrative Valentine's day present for some is that claims can be 'backdated' up to April 2018.

Backdating the additional 4 years means the £252 a year could turn into a tax saving of up to £1,242.

Eligible people can apply online at GOV.UK at no cost and, after a successful claim, their partner will see a tax saving.

Below is an example of the maximum tax savings per tax year going back 4 years:

Tax Year Max Tax Saving
2022/23 £252
2021/22 £252
2020/21 £250
2019/20 £250
2018/19 £238
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