Under the Labour government, marriage has been heavily penalised. The UK is literally alone among the EC in failing to recognise the traditional structures in the tax system.
A third of UK's 12.3 million married couples would actually benefit, and those who would gain the most advantage would be one partner on a low - middle income and the other to have no income. Under the new proposal, one partner would be able to transfer £750 in tax allowances to the other ad this would reduce his or her income tax bill. £150 a year would be enjoyed by couples where the main earner takes home between £7,300 and £42,500. Those earning more than £44,000 would receive a much reduced quantity.
The transferable tax allowance for married couples and for those in civil partnership is planned for next April.
Speak to a financial advisor if you want find out more...