Stopping marriage allowance transfer

magreat

Have we missed the boat to cancel the transfer for the new tax year? For the last few years I have had the transferred allowance from my husband. This next year their income will now be over the personal allowance and mine will be lower. We waited until start of new tax year to change it and it says online it will stay in place until April 2025. Can anything be done to change this?

Dazed_and_C0nfused

magreat said:

Have we missed the boat to cancel the transfer for the new tax year? For the last few years I have had the transferred allowance from my husband. This next year their income will now be over the personal allowance and mine will be lower. We waited until start of new tax year to change it and it says online it will stay in place until April 2025. Can anything be done to change this?

Does it matter?

If you are still saving £252 then other than in niche circumstances you won't be any worse off as a couple.

amanda1024

Can you make a claim in the opposite direction?

p00hsticks

Dazed_and_C0nfused said:

magreat said:

Have we missed the boat to cancel the transfer for the new tax year? For the last few years I have had the transferred allowance from my husband. This next year their income will now be over the personal allowance and mine will be lower. We waited until start of new tax year to change it and it says online it will stay in place until April 2025. Can anything be done to change this?

Does it matter? If you are still saving £252 then other than in niche circumstances you won't be any worse off as a couple. Report

From the way the OP describes it, yes it does.

 As their incomes have switched, then leaving it as it is mean that the person who is now earning above the standard tax allowance is now transferring some of that allowance to someone who doesn't actually need it.

 So leaving it as it is rather than reversing it means that they'll end up paying more tax between them, not less.

Dazed_and_C0nfused

Fair enough, I'd read it as their income was lower (than it had been) but on reflection can see they may well mean lower (than the Personal Allowance).

sheramber

amanda1024 said:

Can you make a claim in the opposite direction?

Yes, magrear can apply to tanasfer part of her personal allowance  to her husband.

This would not be as efficient as if the husband's transfer had not happened and magreat  had transferred part of her allowance , but will give both the tax credit from the transfer.

magreat

thank you everyone. Just wished we had sorted before end of tax year! We mistakenly waited until first day of new tax year thinking it would apply in that year. 

magreat

It looks like it won’t let me transfer my allowance so will definitely pay more tax between us for a year.