Henry Brown & Co Chartered Accountants
Map Facebook Twitter picasa 
26 Portland Road · Kilmarnock · Ayrshire · KA1 2EB | Call us on: +44 1563 522308

Marriage tax perk should be increased ten-fold, thinktank says


Rishi Sunak has been urged to replace the marriage tax allowance with a new family tax allowance. MPs have backed the proposal from the Onward thinktank, which would allow people who have to quit or reduce work, to look after children or sick relatives, to switch their entire £12,500 personal allowance to give a spouse £25,000 of tax-free income, saving them up to £2,500. Current rules permit a married person who earns less than the £12,500 income tax threshold to transfer £1,250 of their personal allowance to their spouse, reducing their tax bill by up to £250 a year. The report from Onward also suggests giving workers the ability to draw down a year of their pension early to take a 'civic sabbatical' to volunteer in the community.

Latest News