allowance

Self-assessment tax filers using their marriage allowance report surprise bills

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Self-assessment tax filers looking to use their spouse’s allowance report surprise bills, but HMRC tells them to file their return anyway The marriage allowance allows a transfer of up to £1,250 to your spouse This is done to reduce the tax you pay due to a higher personal allowance One reader told This is Money the … Read more

Inheritance tax rules on gifts ‘should be replaced with single personal allowance’

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The confusing array of inheritance tax rules on giveaways to loved ones should be swept away and replaced with a single ‘personal gift allowance’, say Government officials. The ‘seven-year’ rule for large gifts, which means that if you survive the money gradually becomes free of inheritance tax, should be axed in favour of a set … Read more