Transferable tax allowances

50Twuncle

I assume that HMRC will not "automatically" adjust an individuals tax code to allow for the extra £1050 transferable tax allowance, come 2015/16 ?

I assume that we will have to apply for it ?

This, together with the extra £500 in personal tax allowance (also 2015/16) will have a major impact on many low wage earners and may even contribute towards the rising cost in gas and electricity necessary to keep us alive.....

zygurat789

50Twuncle wrote: »

I assume that HMRC will not "automatically" adjust an individuals tax code to allow for the extra £1050 transferable tax allowance, come 2015/16 ?

I assume that we will have to apply for it ?

This, together with the extra £500 in personal tax allowance (also 2015/16) will have a major impact on many low wage earners and may even contribute towards the rising cost in gas and electricity necessary to keep us alive.....

How on earth would HMRC know who would want it? Of course you will have to apply for it.

The additional personal allowance will not have a major effect on low wage earners who stand to make between 20p and £125 whereas someone earning considerably more could benefit to the tune of £300.

50Twuncle

zygurat789 wrote: »

How on earth would HMRC know who would want it? Of course you will have to apply for it.

The additional personal allowance will not have a major effect on low wage earners who stand to make between 20p and £125 whereas someone earning considerably more could benefit to the tune of £300.

Tax on £1550 at 20 % - £310 ( for anyone earnong £12000 +)

zygurat789

50Twuncle wrote: »

Tax on £1550 at 20 % - £310 ( for anyone earnong £12000 +)

That doesn't make any sense either I'm afraid

50Twuncle

zygurat789 wrote: »

That doesn't make any sense either I'm afraid

I mean - as long as one half of a couple is earning at least £12,000 pa - and the other partner is a non-taxpayer - then the joint tax paid will be £310 less - making the couple £310 better off !!

zygurat789

50Twuncle wrote: »

I mean - as long as one half of a couple is earning at least £12,000 pa - and the other partner is a non-taxpayer - then the joint tax paid will be £310 less - making the couple £310 better off !!

Don't forget that they must both pay tax at 20% or below and you still have to claim.

50Twuncle

zygurat789 wrote: »

Don't forget that they must both pay tax at 20% or below and you still have to claim.

The whole idea is to share tax allowances - so my wife, who works part time and doesn't pay a penny income tax - is wasting her tax free allowance - so I am looking to capitalise on this.....

zygurat789

50Twuncle wrote: »

The whole idea is to share tax allowances - so my wife, who works part time and doesn't pay a penny income tax - is wasting her tax free allowance - so I am looking to capitalise on this.....

Then you will have to claim.
i suspectv that many people who are entitled to this and would benefit from it will not be as clued up as you and will totally miss out on ths £210 benefit which starts 5 April 2015.

50Twuncle

zygurat789 wrote: »

Then you will have to claim.
i suspectv that many people who are entitled to this and would benefit from it will not be as clued up as you and will totally miss out on ths £210 benefit which starts 5 April 2015.

I assume that there will be many "COUPLINGS OF CONVENIENCE" - just to benefit from the extra money....
Since - it doesn't just effect MARRIED couples, but those "living together" as man and man / wife and wife - which is going to cause all sorts of problems if asked to "prove it" ??
(Oh what fun)

zygurat789

50Twuncle wrote: »

I assume that there will be many "COUPLINGS OF CONVENIENCE" - just to benefit from the extra money....
Since - it doesn't just effect MARRIED couples, but those "living together" as man and man / wife and wife - which is going to cause all sorts of problems if asked to "prove it" ??
(Oh what fun)

I think you will find it only affects married couples

50Twuncle

zygurat789 wrote: »

I think you will find it only affects married couples

Civil Partners too - which will open a can of worms !!!
http://www.theguardian.com/theguardian/2014/mar/19/budget-personal-allowance-not-generous