Transfer of Personal Allowance

Remember, 2015/16 sees the introduction of a transferable personal allowance for married couples and civil partners.  As the amount that may be transferred is 10% of the basic personal allowance, that will now be £1,060.

The recipient must not be liable to tax above the basic rate and is eligible to a tax reduction of 20% of the transferred amount, in other words £212.

Hopefully we will pick this up where we can,  but we don’t always act for both husband and wife so if you think this applies to you remember to let LIRIC know.