Never mind the chocolate and the roses, couples could be feeling the love today by claiming a £250 tax break from HM Revenue & Customs (HMRC).
According to the regulator, around two million eligible civil partners and spouses could be missing out on the Marriage Allowance – potentially worth hundreds of pounds each year.
The allowance is personal tax relief available to partners who earn less than the Personal Tax Allowance threshold – currently £12,500.
It works by transferring up to £1,250 of your Personal Allowance to your husband, wife or civil partner, providing they pay income tax at the basic rate (£12,501 to £50,000).
Additionally, the Marriage Allowance can be backdated by up to four years, so couples could be in for a bumper tax rebate of up to £1,150.
To check eligibility and to apply online, couples should follow this link. Once successful, you don’t need to worry about applying again every year – it will renew automatically.
Don’t forget to contact HMRC if your circumstances change, however.
Commenting on the success of the Marriage Allowance, Angela MacDonald, HMRC’s Director General for Customer Services, said: “Applying for Marriage Allowance is a quick and easy way for married couples and people in a civil partnership to have £250 or more put back in their pockets.
“It’s fantastic to see so many couples have already put a few minutes aside to apply, and we hope many more will sign up this Valentine’s Day to take advantage of this tax relief.”
For more personal tax planning tips, get in touch with our expert team today.