Financial guru, Martin Lewis was back on our TV screens this week with the final episode of the current series of ITV ’s The Martin Lewis Money Show. His rollercoaster of information began with a message for married couples - and it was one that could save them thousands of pounds.
The Money Saving Expert, who has become a trusted adviser by the British public, shared his advice around marriage tax allowance during his show on Tuesday, March 21. He explained that couples could be missing out on £1000-plus by not claiming a particular tax perk.
The 50-year-old financial journalist and broadcaster, was reported by Wales Online as going on to say that: “There are up to 2.1 million eligible couples who are not claiming this tax perk”. Explaining how to be eligible and claim the 'perk', Martin said: “You must be a non-taxpayer married to a basic 20% taxpayer.”
READ MORE: DWP issues fraud warning with advice to Jobseeker's Allowance and Universal Credit claimants
He added: “The non-taxpayer uses gov.uk to transfer 20% of their tax free allowance,” before showing an animation of how it all works. He then went on to discuss the perks that you could get if you are eligible.
“If you’re eligible then you can claim back four years." Adding: "That means that if you’re eligible then you would get £1,242 but you need to do it now or you lose the £238 from 2018/19.
“If you did it in April then you’d feel like you have the same amount of money but that’s because you’ll be getting next year’s allowance as well. You’ll still get that if you claim now because once claimed, you will keep getting it.”
Martin concluded: “We are talking serious cash here. This is a winner for almost everyone,” before describing how in very limited cases, the cash threshold can sometimes be negative for taxpayers. He reiterated that this is a “really easy thing to do” and “an absolute must”.
The Martin Lewis Money Show is available to watch on ITVX.
READ NEXT:
- Eligibility for DWP Cost of Living payment from April 2023
Areas of Nottinghamshire with highest and lowest life expectancy
DWP statement amid growing anger about cost of living payment date
Sadness as Nottingham independent shop to close after 'hard times'
Full list as DWP issues extra cash of up to £172 a week from April on medical grounds
