Tax allowance question

greekstalion

Hi

My wife works part time and on her last P60 had £1700 for the year so she dont use all her Personal tax Allowance. I work full time and last P60 was ~£39K. Is any way I transfer her personal allowance to my account and how I go about it?

Thanks

Magicstar_2

greekstalion wrote: »

Hi

My wife works part time and on her last P60 had £1700 for the year so she dont use all her Personal tax Allowance. I work full time and last P60 was ~£39K. Is any way I transfer her personal allowance to my account and how I go about it?

Thanks

I am fairly sure you cant do that, I think you could years ago when there was a married couples allowance but think that stopped. The best bet is to check with your tax office. I seem to think if you were self employed you could pay her the unused amount to do your books and save that way.

m277

There's a reason it's called a personal allowance. You are not allowed to transfer any of the personal allowance. Are you taxed on any savings? If you are then it might be an idea to transfer all the savings to your wife's name/account so the interest can received tax free (that's assuming she will be under the personal allowance again this year).

The married couples allowance is only available to couples where at least one of the partners is over 73 and born before a certain date.

chillertwist

Yes, m277 is right, you only get one personal allowance per person and it is non transferable.

Married couples allowance is the only thing you can mess around with a bit, but unless one of you was born before 1935, this won't apply.

Don't forget you can extend your basic rate band (20% at present) by making gift aid donations or pension payments.