Martin Lewis explains how married couples could lose 'big money' if they don't make four year claim by end of tax year
manchestereveningnews.co.ukMoney-saving expert Martin Lewis is urging married couples to check if they can apply for their Marriage Tax Allowance and saving some money in the process.
The scheme allows married couples to reduce their taxes by a substantial amount just by transferring some cash to the tax man.
By transferring £1,260 of your Personal Allowance to your husband, wife, or civil partner, you can reduce their tax by up to £252 in the tax year.
Before the tax year ends, you can backdate your claim by up to four years. However, Mr Lewis has highlighted that not enough couples are taking advantage of this. Read more: Five things to do before the end of the tax year, according to a money expert Speaking on his podcast, Mr Lewis said: "This is urgent you can only claim back four tax years and if you do not do it by next week, the fifth of April, you lose it and you could lose big money." He added that 2.1 million eligible couples are not currently claiming their allowance.
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