Martin Lewis shows how millions of people can get extra £1,000 per year by doing one simple thing
Money saving expert Martin Lewis has revealed how people can get extra £1,000 per year tax free by just doing one simple thing.
He has urged married couples to check their marriage tax allowance entitlement and stressed “millions are missing out” on saving money.
Speaking on BBC Radio 5 Live, he said: “If you are a basic 20 per cent taxpayer and are married or in a civil partnership [...] and you are with somebody who is a non-taxpayer - so simply they don’t earn enough in a year to pay income tax -then the non-taxpayer can give 10 per cent of their personal allowance to the taxpayer so that taxpayer then has more money they earn that isn’t taxed.
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“It’s worth over £250 this year and can be backdated for four prior years, if you did that, it’s a cheque of over a grand coming to you.”
In an online explainer, Mr Lewis outlined specific eligibility criteria for the cash. He said: "You need to be married or in a civil partnership. Just living together doesn't count. One of you needs to be a non-taxpayer.
"This usually means you'll earn less than the £12,570 personal allowance between 6 April 2023 and 5 April 2024. To get the full benefit, the non-taxpayer actually needs to earn £11,310 or less.
"The other partner needs to be a basic 20% rate taxpayer. This means you'd normally need to earn less than £50,270, or if you live in Scotland, £43,662. Higher or additional-rate taxpayers aren't eligible for this allowance. You both must have been born on or after 6 April 1935. If not, there's a different tax perk."
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