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Thousands of married couples and civil partners are being urged to claim more than £200 from the government, ahead of the cut-off date in April 2020. It may be that a person can do this via the Marriage Allowance.
HM Revenue and Customs (HMRC) has confirmed to financial advice firm NFU Mutual that on April 6, 2020, the first year of tax relief will be lost to couples who are yet to claim it.
HMRC figures show that 1.78 million couples claimed the Marriage Allowance in 2018/19.
However, an estimated 2.4 million are missing out.
Ahead of the tax year end on April 5, a warning has been issued to the thousands of couples who may be eligible to claim Marriage Allowance.
DON'T MISS
Sean McCann, chartered financial planner at NFU Mutual, said: “This is the last chance for couples to backdate claims before the first year is lost forever.”
Mr McCann explained that that could mean £212 is “potentially going down the drain” for thousands of couples who are entitled to it.
The chartered financial planner told Express.co.uk: “It’s important to take action before 5th April, if you want to claim your entitlement for the 2015/16 tax year, if you don’t you’ll lose up to £212.
“Like too many tax reliefs, Marriage Allowance isn’t paid automatically by HMRC, you need to actively claim it to avoid missing out.
“If you’ve been entitled to the full allowance since it was introduced in April 2015, you could reclaim up to £1,150 in overpaid tax.”
Marriage Allowance: Maximum reclaims
In 2015/2016, the tax-free Personal Allowance was £10,600, meaning £1,060 was transferable to the higher earning taxpayer partner.
This mean that the maximum reclaim of 20 percent was £212.
In 2016/2017, the maximum reclaim was £220, while it was £230 in the following tax year.
In the 2018/19 tax year, this was £238, and £250 in the 2019 to 2020 tax year.