Martin Lewis, Money Saving Expert, appeared on his ITV Money Show this evening to discuss a number of ways for Britons to save money. Particularly of note is an issue for married individuals, or those who are in a civil partnership, providing them an opportunity to drastically slash their tax. However, the expert shared that Britons would have to act fast in order to make the most of the offering.
For this reason, Martin urged people not to delay, and encouraged a speedy claim.
He stated: “If you do it now, you’d get the 2016/17 allowance, but if you left it for three weeks, you’d lose out on that – and it’s about £200.
“It’s definitely worth checking out, and it is fairly easy to do.
“It will only take a couple of minutes for you to complete on the official GOV.UK website.”
Instead, couples can approach the Government directly on the matter, which HMRC has said will ensure a “guaranteed 100 percent” of entitlements are received.
Angela MacDonald, HMRC’s Second Permanent Secretary, commented on the issue.
She said: “For some, a tax break will be a welcome source of extra cash during these difficult times. I urge couples to take advantage of this offer, which could put up to £250 back in their pockets each year.
“Signing up is simple, the quickest way to claim is through the GOV.UK website, just search ‘marriage allowance’.”
The Government went on to state the same criteria applies for people in married couples and civil partnerships in Scotland.
However, in this case, the partner must pay Income Tax at the starter, basic or intermediate rates between £12,501 and £43,430.
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip