If your husband or wife does not use their £12,500 tax allowance then they may transfer £1250 of their allowance to their basic rate paying partner, reducing their tax bill by up to £250. If you wish to apply then the person with the lower income should go to www.hmrc.gov.uk/marriage-allowance/how-to-apply. This may also be backdated to 2015.
The latest news from PMC Partnership incorporating Pomfreys Accountants – 1st October
If are a non tax payer earning below £12,570 you can earn up to £5,000 tax free of interest. If you are a basic rate tax payer earning over £12,570 up to £50,000 you can earn up to £1,000 of interest tax free.