Martin Lewis warns couples to take action 'today' on £1k issue

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Martin Lewis warns couples to take action 'today' on £1k issue
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Martin Lewis warns married couples to take action 'today' on issue which could be worth instant £1000

Martin Lewis has this morning urged people to take action right now to make sure they don’t miss out on potentially getting £1,000 or more paid into their banks ‘within a week.’ The financial expert said that there is a very short window of opportunity to sign up for a Marriage Allowance tax scheme which is of benefit to married couples.

Failing to do it before April 5 could potentially mean couples losing hundreds of pounds in tax. This reduces their tax by up to £252 in the tax year . To benefit as a couple,the lower earner must normally have an income below the Personal Allowance - this is usually £12,570. The government says when a person transfers some of their Personal Allowance to their husband, wife or civil partner, they may still have to pay more tax themselves, but as a couple they would pay less.Potentially 2.1 million couples could benefit from the scheme but they need to take urgent action. He said last week: “URGENT [please] share.

The MoneySavingExpert founder says from April 6 couples will “lose the ability to do claims relating to the 2018/19 tax year... so get your skates on”. To be eligible for the tax break you must be married or in a civil partnership. And one of you must be a non-income-taxpayer, the other a basic 20 percent taxpayer.

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