Transferable Tax Allowance.

[bubsycat]

do'es anyone know when it will be possible to transfer part of my tax allowance to my husband, and how do I do it ?

[woofgang]

http://search2.hmrc.gov.uk/kb5/hmrc/forms/view.page?record=iqnsrGbdIo8&formId=3163

[bubsycat]

thank you woolfgang

[woofgang]

:)

[dzug2]

Not quite the same thing, though woofgang.

As I read it the question is about personal allowance - which short of transferring income is not transferable. Your link is about married couples allowance - which not everyone gets but is in some circumstances transferable

[New Judge]

At present one partner has to be born before 6th April 1935. So unless you are just coming up to your 79th birthday or are older you cannot take advantage of this facility.

It has been said that from 2015-2016, couples where neither partner is a higher or additional rate taxpayer will be able to transfer up to £1,000 of their tax allowance. I did not see any details of how this is to be achieved (nor indeed if it was still intended to be rolled out) in yesterday’s announcements.

Intriguingly, I‘ve just refreshed my memory regarding the allowance for older people. In the case of “conventional” married couples (i.e. a man and a woman) it is only the husband that can make the claim. In the case of those in civil partnerships the person with the higher income can make the claim. So a married couple where the wife has a higher income are disadvantaged. But never mind, these things happen.

[bubsycat]

thank you dzug2, in the budget the coalition's transferable tax allowance has been increased to £1.050 the question was how do I do it

[sir.prize]

bubsycat - This is what you refer too. So it will be from April next year.

In a separate move, the chancellor confirmed that from April 2015, married couples and civil partners will be able to transfer £1,050 of their income tax personal allowance to their spouse or civil partner. Couples where neither partner is a higher or additional rate tax payer will be eligible to transfer. The transferable amount will be set at 10% of the personal allowance in each tax year.

[bubsycat]

thanks sir.prize your answer seems the most logical.

[dzug2]

the question was how do I do it?

Wait for the finer details to come out - it is a year away after all

I would guess a form to fill in or even a simple letter to the taxman.