Understanding the Married Couple’s Allowance
Marriage brings about several changes, including potential tax benefits. One such benefit that married couples in the UK can utilize is the Married Couple’s Allowance. If you’re wondering, “can you get married couples allowance?”, the answer is yes. However, this is subject to certain criteria. Let’s delve deeper into what this allowance entails.
What is the Married Couple’s Allowance?
The Married Couple’s Allowance is a tax benefit designed to reduce your tax bill by between £353 and £912.50 per year in the 2024 to 2025 tax year, depending on your income. This allowance is not the same as the Marriage Allowance, and it is important to understand the difference. The Married Couple’s Allowance is available to couples where at least one partner was born before 6th April 1935. For more detailed information, you can visit the official HMRC website.
Eligibility Criteria
To qualify for the Married Couple’s Allowance, you must meet the following requirements:
- Be married or in a civil partnership
- Not be living apart from your spouse or civil partner, unless it’s due to circumstances beyond your control (such as work or health reasons)
- One of you must have been born before 6th April 1935
How Much Can You Claim?
The amount of allowance you can claim depends on the individual’s income. For the tax year 2024-2025, the minimum amount is £353 and the maximum is £912.50. You can find out the exact amount on the HMRC website.
Claiming the Allowance
If you are eligible for the Married Couple’s Allowance, you can claim it when you complete your Self Assessment tax return. If you do not submit a tax return, you can contact HMRC directly to make your claim.
Marriage Allowance Vs Married Couple’s Allowance
It’s important to note that the Married Couple’s Allowance is different from the Marriage Allowance. The latter allows you to transfer £1,260 of your Personal Allowance to your spouse or civil partner, reducing their tax by up to £252 in the tax year 2024 to 2025. However, to qualify for the Marriage Allowance, one of you must earn less than the Personal Allowance (£12,570 for 2024-2025). You can learn more about the Marriage Allowance on the HMRC website.
Conclusion
The Married Couple’s Allowance is a valuable benefit for eligible couples, saving them hundreds of pounds each year. It’s important to understand the eligibility criteria and how to claim it to take full advantage of this allowance. Also, remember to distinguish it from the Marriage Allowance, which offers different benefits and has different eligibility requirements.
