How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3811
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

My wife and I are pensioners my wife does not use up all her

Customer Question

My wife and I are pensioners my wife does not use up all her personal allowance can I use up the remainder. If so how
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I'm Keith and happy to help you with your question.
Indeed you can, but not until April 2016! Always jam tomorrow, never jam today! Up to GBP 1000 can be transferred. Please see here for details:
https://www.gov.uk/government/news/marriage-transferable-tax-allowance-announced-by-government
For a couple choosing to use the Transferable Tax Allowance, one individual will be able to transfer £1,000 of their personal allowance to their spouse or civil partner. It will mean that the higher earner will be able to earn £1,000 more before they start paying income tax.
I do hope I have resolved your query for you.
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 2 years ago.

Thank you for your support. My wife and I will have to get down to this next tax year and your question was a timely reminder!

Gov UK web site has the following gem which seems to contradict my answer viz:

'6 Available to spouses/ civil partners born after 5 April 1935. This allowance is 10% of the personal allowance for those born after 5 April 1938. It allows a spouse or civil partner who is not liable to income tax above the basic rate to transfer this amount of their personal allowance to their spouse/ civil partner. The recipient must not be liable to tax above the basic rate. The recipient is eligible to a tax reduction of 20% of the transferred amount.'

It says this is available in 15/16 tax year, but I have my doubts.

Related Tax Questions