Personal Tax Allowance & Married Couples Allowance

SKIPPY

I'm attempting to do a little research for my parents who are in the process of moving to a smaller property and therefore will have some capital to invest causing tax implications. My question is that as they are both in their 70's they are entitled to the higher personal allowance, are they also entitled to the married couples allowance as they were born before April 1935 or is this instead of one of the personal allowances? Also how does the minimum and maximum married couples allowance work??

Sorry for being a little dumb!!

margaretclare

SKIPPY wrote:

I'm attempting to do a little research for my parents who are in the process of moving to a smaller property and therefore will have some capital to invest causing tax implications. My question is that as they are both in their 70's they are entitled to the higher personal allowance, are they also entitled to the married couples allowance as they were born before April 1935 or is this instead of one of the personal allowances? Also how does the minimum and maximum married couples allowance work??

Sorry for being a little dumb!!

They should have been getting the married couple's allowance these many years - why haven't they? I assume they haven't got married recently? (LOL)

One of the married couple must have been born before 6th April 1935.

We got married in January 2002, DH was born in December 1934, we claimed this and we split it between us i.e. we're allowed to have half each to set against our individual incomes.

Have a look at this: http://www.hmrc.gov.uk/pensioners/rate_and_allowances2.htm

Margaret Clare

SKIPPY

Thanks for the reply, they haven't reached the tax bracket before. As now they will be well over it's just a case of saving a much as possible and not giving it to the tax man :mad: