For over 30 years Richard Edwards Group LLP has been providing excellent advice and a first class service to our clients. We have a large portfolio of clients and service businesses across many sectors. Book one of our FREE INITIAL MEETINGS to start benefiting from our expertise today.

Extra tax relief for married over 80s

Source: HM Revenue & Customs | | 10/04/2018

The Married Couple's Allowance (MCA) is available to elderly married couples or those in a civil partnership, where at least one member of the couple were born before 6 April 1935 (i.e. at least 83 years old). The allowance provides for tax relief by deducting 10% of the allowance from the amount of tax due on taxable income. The MCA can reduce a tax bill to zero but cannot result in a refund of tax.

For the new tax year, the maximum amount of married couple's allowance is £8,695. This means that qualifying claimants can receive a maximum deduction of £869.50 from their income tax bill. There is a minimum allowance of £3,360 which could get qualifying taxpayers a minimum deduction of £336.

Planning note

The MCA should not be confused with the Marriage Allowance (MA), which came into force on 6 April 2015 and allows lower earning couples (of any age) to share part of their personal tax-free allowance. The MA allows the lower earning partner to transfer up to £1,190 (2018-19) of their personal tax-free allowance to a spouse or civil partner.



 

Latest News

Could you claim expenses and an early tax refund?
04/12/2018 - More...
HMRC is reminding employees that they may be able to claim a tax rebate if they have incurred certain expenses related to their employment. HMRC’s press release on the matter

X-factor VAT bonus
04/12/2018 - More...
The Chancellor, Philip Hammond has announced that the government will waive the VAT equivalent on the sales of this year’s X-Factor Christmas Charity single. All proceeds from the


Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the Newsletter
» Login