Marriage tax allowce
Discussion
https://uk.finance.yahoo.com/news/marriage-tax-all...
Seems very much like another rabbit out the hat in time for election day ,but it's always seemed a fairer way of running the tax system in keeping with the "professed" family values . I read it as one partner in a marriage being able to use part of their unused tax allowances to assist in family finances. So say,wife wishes to be an old fashioned stay & run her home wife, she could use part of her allowance to reduce their joint tax bill ?
Seems very much like another rabbit out the hat in time for election day ,but it's always seemed a fairer way of running the tax system in keeping with the "professed" family values . I read it as one partner in a marriage being able to use part of their unused tax allowances to assist in family finances. So say,wife wishes to be an old fashioned stay & run her home wife, she could use part of her allowance to reduce their joint tax bill ?
From https://www.gov.uk/marriage-allowance
You’ll be able to claim Marriage Allowance if all the following apply:
you’re married or in a civil partnership
you have an annual income of less than £10,600 - including pensions, savings and investments
your spouse or civil partner has an annual income of between £10,601 and £42,385
you were both born on or after 6 April 1935
You’ll be able to claim Marriage Allowance if all the following apply:
you’re married or in a civil partnership
you have an annual income of less than £10,600 - including pensions, savings and investments
your spouse or civil partner has an annual income of between £10,601 and £42,385
you were both born on or after 6 April 1935
king sSounds good to me. I see a net gain for society if kids have parents at home rather than working. It also frees up career type jobs for other people to do, rather than generating child minder jobs.
Now if the outcome is good for the cost is another thing. Imo I think any married couple with kids between 0-18 should have a combined allowances for taxation.
Hmmmm.
Now if the outcome is good for the cost is another thing. Imo I think any married couple with kids between 0-18 should have a combined allowances for taxation.
Hmmmm.
Mr Whippy said:
Sounds good to me. I see a net gain for society if kids have parents at home rather than working. It also frees up career type jobs for other people to do, rather than generating child minder jobs.
Now if the outcome is good for the cost is another thing. Imo I think any married couple with kids between 0-18 should have a combined allowances for taxation.
Hmmmm.
For £212 per year max? I vote tory, but this is a joke.Now if the outcome is good for the cost is another thing. Imo I think any married couple with kids between 0-18 should have a combined allowances for taxation.
Hmmmm.
PurpleMoonlight said:
So more tax for the rest of us or more borrowing to pay for it ....
This is just such a narrow view of the world. There are around 31million jobs in the economy right now, and about 1.8million unemployed. If some Married Couples elect to manage on one salary between them, then those roles they leave will be replaced by other taxpaying folk.
It is a relatively short period of time and many studies have proven it has hugely beneficial outcomes for the children
R8VXF said:
Mr Whippy said:
Sounds good to me. I see a net gain for society if kids have parents at home rather than working. It also frees up career type jobs for other people to do, rather than generating child minder jobs.
Now if the outcome is good for the cost is another thing. Imo I think any married couple with kids between 0-18 should have a combined allowances for taxation.
Hmmmm.
For £212 per year max? I vote tory, but this is a joke.Now if the outcome is good for the cost is another thing. Imo I think any married couple with kids between 0-18 should have a combined allowances for taxation.
Hmmmm.
Mr Whippy said:
R8VXF said:
or £212 per year max? I vote tory, but this is a joke.
Not sure on the details as I couldn't seem to see any specifics.But as noted in my post, imo it should just be shared for married couples with kids imo.
Ie 20k free, then 25% till 80k quid or whatever it works out at.
Yahoo Finance Article said:
For example, if one person earns £5,000 and their partner earns £20,000, the lower earner can transfer £1,060 of their unused allowance to the higher earner. The higher earner can take home an additional £1,060 tax-free, so thanks to 20pc relief they will pay £212 less tax over the year.
R8VXF said:
Mr Whippy said:
R8VXF said:
or £212 per year max? I vote tory, but this is a joke.
Not sure on the details as I couldn't seem to see any specifics.But as noted in my post, imo it should just be shared for married couples with kids imo.
Ie 20k free, then 25% till 80k quid or whatever it works out at.
Yahoo Finance Article said:
For example, if one person earns £5,000 and their partner earns £20,000, the lower earner can transfer £1,060 of their unused allowance to the higher earner. The higher earner can take home an additional £1,060 tax-free, so thanks to 20pc relief they will pay £212 less tax over the year.
It'll probably cost more in admin to make this a reality than it helps those using it.
I don't really see the point at that level. Do it fully or not at all imo.
Gargamel said:
PurpleMoonlight said:
So more tax for the rest of us or more borrowing to pay for it ....
This is just such a narrow view of the world. There are around 31million jobs in the economy right now, and about 1.8million unemployed. If some Married Couples elect to manage on one salary between them, then those roles they leave will be replaced by other taxpaying folk.
It is a relatively short period of time and many studies have proven it has hugely beneficial outcomes for the children
Countdown said:
Gargamel said:
PurpleMoonlight said:
So more tax for the rest of us or more borrowing to pay for it ....
This is just such a narrow view of the world. There are around 31million jobs in the economy right now, and about 1.8million unemployed. If some Married Couples elect to manage on one salary between them, then those roles they leave will be replaced by other taxpaying folk.
It is a relatively short period of time and many studies have proven it has hugely beneficial outcomes for the children
Ie, jobs for HMRC drones... likely needing a 'director' to undertake the policy, with a big fancy pension and benefits package, and then a load of minions all earning cushy incomes for doing sod all all day.
I agree, share it fully between married couples with children under say 12yo, or don't bother.
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