The government’s marriage allowance will soon be in effect, allowing couples who have tied the knot to share their tax free personal allowance.
For couples where there is one basic rate taxpayer their partner, if they are earning below the personal allowance threshold, will be able to transfer some of this to the other partner, thus reducing the family’s tax bill.
It appears that those with a stay-at-home or a part-time employed parent will be most likely to benefit. Registration for this is now open, though the benefit will not be felt until the scheme officially opens in April 2015. Those who wish to apply for this break should register their interest online, then once this is done they will be invited to apply officially.
These tax breaks appear to have been part of the prime minister’s thinking for a long time, as they were mooted both during his own campaign for the leadership of his party in 2005 and also in the now governing party’s manifesto in 2010.
The new scheme has been criticised by opposition parties for potentially penalising unmarried couples, and it is certainly not going to be at the forefront of potential brides and grooms’ thinking when arranging their nuptials. Those intending on being married will likely be focusing on organising the details of their own special day, such as the hiring of a top wedding photographer from Manchester or the surrounding area.
However, whatever little helps reduce the cost of living can only be a good thing in these difficult financial times.
