Martin Lewis appeared on Good Morning Britain today to reveal that married couples may be due a free £900.
Over one million couples haven’t taken advantage of the tax break, meaning there is £900 million worth of money to be claimed.
Are you eligible for the marriage tax allowance?
Martin said: “The marriage tax allowance launched three years ago, but there are still over 1 million eligible couples that haven’t yet claimed it.
“It works for married couples or those in civil partnerships (not just cohabiting) where one pays tax at the basic 20 per cent rate and the other is a non-taxpayer.”
To benefit from marriage tax allowance, one of you must earn an income of £11,850 or less.
The 45-year-old financial journalist added: “The non-taxpayer can apply to have 10 per cent (£1,190 this year) of their tax-free allowance shifted to the taxpayer.
“This means £1,190 of income they were taxed on at 20 per cent is now tax-free – a £238/year gain done via altering your tax code.”
You can also claim historically, according to the personal finance expert.
He said: “Assuming you were eligible, you can back claim to when it started too, so that’s a cheque for £662 – which in total is £900.
“It’s important to note that it’s the non-taxpayer who must apply to transfer their allowance.”
Martin has issued the same information to the public multiples times in the past couple of years.
In September 2017 Martin Lewis said of the marriage tax allowance: “There are 4.2m people eligible for the marriage tax allowance and only 1.8m of them have claimed.
“So the majority still haven’t got it.”
Again, her urged Britons to take advantage of the boon.
Most recently Martin Lewis’s pensions warning revealed how the pension contribution rise will affect your finances.
He said: “This may sound a bizarre possibility, but it is all about the pension auto-enrolment law.
“This says every firm must automatically opt-in all employees (aged 22+ earning at least £10,000) to saving from their salary towards a private pension – to provide money for later life – on top of the state pension.
“And the rules say if you are paying in, your employer must contribute too.”
Full info, FAQ and help in Martin’s full Marriage Tax Allowance Help guide.
