Marriage Allowance anyone?

[srennocks]

Anyone on here making use of the new marriage allowance - shifting of £1060 PTA to spouse this financial year to improve their tax situation?

Not checked if i qualify but keen to here others thoughts if helping reduce their tax bill this year

[mudskipper]

Anyone on here making use of the new marriage allowance - shifting of £1060 PTA to spouse this financial year to improve their tax situation?

Not checked if i qualify but keen to here others thoughts if helping reduce their tax bill this year

It's only applicable to basic rate tax payers, so many will not qualify.

[srennocks]

It's only applicable to basic rate tax payers, so many will not qualify.

Surely the majority of contractors who income split with their spouse (and they dont have secondary income) are basic rate tax payers and therefore do qualify?

[mudskipper]

Surely the majority of contractors who income split with their spouse (and they dont have secondary income) are basic rate tax payers and therefore do qualify?

If they income split, their spouse won't qualify - the main earner has to be a basic rate tax payer, and the spouse has to be below the personal threshold - you're effectively using their tax free allowance. (ICBW, haven't looked into it)

[WordIsBond]

If they income split, their spouse won't qualify

Correct.