HM Revenue & Customs has launched a major campaign, urging millions of Britons to act swiftly or risk missing out on a significant tax refund. The alert specifically concerns the Marriage Tax Allowance, a valuable but often overlooked perk for married couples and civil partners.
What is the Marriage Tax Allowance?
This initiative allows an individual to transfer £1,260 of their Personal Allowance to their spouse or civil partner. This can be done if the recipient is a basic-rate taxpayer. The transfer can reduce their tax bill by up to £252 for the current 2023/24 tax year.
How Much Could You Be Owed?
The potential rebate is substantial. Eligible couples can claim back for the previous four tax years as well as the current one. This means a successful claim could put a total of up to £1,256 in your pocket for this year alone. When backdated for the full four years, the total sum can soar to over £2,200.
Who is Eligible to Claim?
You can apply for the allowance if you meet the following criteria:
- You are married or in a civil partnership.
- One of you is a non-taxpayer (earning less than £12,570).
- The other is a basic-rate taxpayer (earning between £12,571 and £50,270 in England and Wales).
The Impending Deadline
The most critical part of the HMRC warning is the deadline. The opportunity to claim for the 2019/20 tax year closes on 5th April 2024. After this date, that year's allowance will be lost forever, significantly reducing the total amount you can reclaim.
How to Claim Your Money
Applying is designed to be a straightforward process. The quickest method is via the official GOV.UK website. The application typically takes just minutes, and if approved, you should receive confirmation within two weeks. The process is free, and HMRC strongly warns against using third-party companies that may charge a fee for this free service.
With billions potentially left unclaimed, HMRC is encouraging every eligible couple in the UK to check their status immediately. It’s a simple check that could result in a four-figure sum landing in your bank account.
