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Marriage Tax Allowance

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FlappercoxyFlappercoxy Forumite
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I previously earning less so gave my husband my marriage tax allowance.  Now earning earning more and my husband still getting my tax allowance.
Should i be cancelling this?? my tax code ends with an N.  
thanks in advance.


Replies

  • edited 1 July at 4:42PM
    pphillipspphillips Forumite
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    edited 1 July at 4:42PM
    He shouldn't be getting the marriage allowance if you are both earning above the personal allowance (£12,500) and it will need to be repaid.
  • edited 3 July at 4:12PM
    unholyangelunholyangel Forumite
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    edited 3 July at 4:12PM
    If you're earning 12500 or more, then you are not benefitting as a couple from the transfer as you will pay £250 extra in tax and your husband will save £250 in tax. If you are earning below 11250, you will benefit in full for the transfer, as a couple (£250 off your husbands liability, no increase in your liability). If you earn over 11250 but less than 12500, you will start to pay tax but it will still be less than your husband saves (for example you might have to pay £100 but your husband saves £250 so as a couple, £150 better off with the transfer). 
    You keep using that word. I do not think it means what you think it means - Inigo Montoya, The Princess Bride
  • sherambersheramber Forumite
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    pphillips said:
    He shouldn't be getting the marriage allowance if you are both earning above the personal allowance (£12,500) and it will need to be repaid.
    As long as the recipient is not liable to tax at higher rates then they can have the allowance but as unholyangel explains above they might not   get any benefit from it. One pays less tax and the other pays    extra.
  • unholyangelunholyangel Forumite
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    sheramber said:
    pphillips said:
    He shouldn't be getting the marriage allowance if you are both earning above the personal allowance (£12,500) and it will need to be repaid.
    As long as the recipient is not liable to tax at higher rates then they can have the allowance but as unholyangel explains above they might not   get any benefit from it. One pays less tax and the other pays    extra.
    Notification of your post brought a typo to my attention. I meant below 11250, not before! Now corrected  :#
    You keep using that word. I do not think it means what you think it means - Inigo Montoya, The Princess Bride
  • rcamrcam Forumite
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    MoneySaving Newbie
    Does anybody know if HMRC have sent the cheque to the company and they are now asking for ID verification before they send me the money, what happens if you don't send it back? we have not signed anything yet?
  • Comms69Comms69 Forumite
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    rcam said:
    Does anybody know if HMRC have sent the cheque to the company and they are now asking for ID verification before they send me the money, what happens if you don't send it back? we have not signed anything yet?
    ... literally no idea what you've written. Start a new thread and provide details.
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