Marriage Tax Relief
Many people have wondered if Marriage Tax Relief is a good idea. The fact is that it is. However, if you’re thinking about getting married, you should know that this legislation is only for couples who are married. This legislation only applies to those who are married or in a civil partnership. It does not apply to long-term relationships, but you might be eligible if you have been living together for at least 5 years.
Is Marriage a Good Idea?
The best thing about Marriage Tax Relief is that it doesn’t need to be applied for annually. The benefits are available at any time of the year, although retrospective applications must be filed by 5 April 2022. The only way to apply for Marriage Tax Relief is to change your tax code. Once you’re married, your personal allowance will automatically transfer to your new partner when you cancel yours or notify the HMRC of a change of circumstances. Among the circumstances that trigger the automatic transfer are marriage and divorce.
There are many ways to apply for Marriage Tax Relief. The non-taxpaying spouse can give PS1,257 to the taxpaying spouse, which will save them PS251. The application process is easy – both partners must fill out the same form and submit it. After the HMRC has reviewed your application, they will let you know if you’re eligible for the benefit. There are some requirements for claiming Marriage and Tax Relief.
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