Are you a married student? Money Adviser, Max, shares how your partner could save some tax…
Marriage. An institution as old as the hills. Maybe even as old as some of my jokes. And it has seen a lot of change through history (Henry VIII even created a whole new church to get out of wedlock), but in recent years it has changed again at a dramatic rate.
Following the introduction of civil partnerships in 2005, we have now reached the point where same-sex marriages are recognised in Wales, England and Scotland, representing a big win for equality and diversity. But while these developments celebrate the bonds of lurve, marriage is about other things too. Aside from the inevitable fighting over remote control ownership and toilet seat positions, marriage is also about money.
Wedding themselves can be costly of course, and there’s anniversary gifts to consider, but there is at least one financial perk to tying the knot, especially if you’re a student – the Marriage Allowance. If you’re married or in a civil partnership, and don’t know about this potential cash bonus, you should do, so read on…
Make the most of the Marriage Allowance
The Marriage Allowance allows you to transfer some of the personal allowance to your spouse or civil partner. Assuming that you, as a student, don’t earn more than £11,500 a year (unlikely if you’re full time), then your spouse could pay £230 LESS TAX in the 2017/18 tax year.
Even better, it can be back-dated to April 2015, meaning there could be a few hundred pounds to be reclaimed if you’ve been both hitched AND studying for a few years.
So if this applies to you, click here for more information and how you can claim.
Max, Advice and Money Team.
Your Student Life, Supported.
The Student Support Centre has a range of services dedicated to helping students make the most of their time at University, including: Advice & Money, Careers & Employability, Counselling, Health & Wellbeing, Disability & Dyslexia and International Student Support.
For further details of services, events opening times and more find us on the University Intranet.