Millions of married couples in the UK are to receive a tax break to recognise their ‘commitment and responsibility’, David Cameron reveals today. In an article for the Daily Mail, the Prime Minister says a £1,000 transferable tax allowance will be introduced in 2015. Stay-at-home mothers and women who work part time will be the main winners. ‘The values of marriage are give and take, support and sacrifice – values that we need more of,’ Mr Cameron writes.
‘Marriage is a good thing for our
country – it’s the ultimate form of commitment under the law – and we want to
show our support for it.’ The move, first promised by the Prime Minister
when he ran for the Tory leadership in 2005, restores the financial recognition
for marriage lost when a similar allowance was phased out in 1999.
Under Mr Cameron’s plans, which he will champion at his party conference next week, a husband or wife will be allowed to transfer £1,000 of their tax-free personal allowance to their spouse. The Tory 2010 election manifesto promised a figure of only £750. It will apply to those not using all of their personal allowance – either because they are at home looking after children, or work part time and earn less than £10,000. Around eight million people are expected to benefit – by around £200 a year.
The tax break will be available to gay
couples in civil partnerships and – following a change in the law – in
marriages.
Source: Daily Mail UK
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