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Transferable Tax Allowances.

The government has announced that from April 2015 married couples and civil partners may be eligible for a new Transferable tax allowance. The Transferable tax allowance will enable spouses
and civil partners to transfer a fixed amount of their personal allowance to their partner.

The option to transfer will be available to couples where one partner is a basic rate tax payer(earning below £42285 in 2015/16) and the other partner has unused personal allowances for
the year. One individual will be able to transfer £1,000 of their personal allowance to their spouse or civil partner. It will mean that the higher earner will be able to earn f 1,000 more before paying tax.

The claim will be made on line and entitlement will be from the 2015/16 tax year.Couples will be entitled to the full benefit in their first year of marriage.

If you need assistance with any accounting / tax matter please contact Michael Topping Accountants on 0191 2663 739