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Tax Allowances.

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Slogger | 11:09 Sat 11th Oct 2014 | Business & Finance
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My wife and I are both pensioners. I am in receipt of a private pension as well as my state pension and, consequently, in my humble opinion, am being hung out to dry by the good old tax man. Is there any credence to the rumour that, as from next April I will be allowed to use a minute portion of my wife's allowance when submitting my income tax return form thereby paying slightly less in tax ? Hardly likely, but I thought I would ask!
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From the next tax year, she will be able to transfer £1050 of her allowance to you! https://www.gov.uk/government/publications/transferable-tax-allowances-for-married-couples-and-civil-partners
13:02 Sat 11th Oct 2014
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From the next tax year, she will be able to transfer £1050 of her allowance to you!
https://www.gov.uk/government/publications/transferable-tax-allowances-for-married-couples-and-civil-partners
There's something called Married Couples Allowance which applies in your situation provided one of you was born before 6th April 1935. Allegedly it reduces your tax bill by between £314 and £816 in the current year, depending on pension and other income. There's a calculator online if the Google the above phrase and go to the gov.uk website.
Government has assessed people as individuals for tax purposes, rather than using the old married man's tax allowance for donkeys years now. It is rather down to the individual to ensure that each in a marriage/relationship has enough in savings or pension income to maximise this opportunity. I assume you have put every scrap of non-ISA held savings in your wife's name to maximise the use of this.

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