Kirkpatrick & Hopes - Succession Planning Accountants

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Transferable tax allowance for couples

From 2015/16, married couples and civil partners can transfer up to £1,000 of their personal allowance to their partner, but only if neither individual pays tax at the 40% rate.

It is a modest tax break, worth a maximum of £200 each tax year. One hopes that the process to transfer allowances will not be too complicated for such a small tax benefit.

This change is expected to benefit over 4 million couples.

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