Martin Lewis has issued an alert to millions of married couples in the UK, warning them that they are potentially missing out on claiming more than £1,000 for free.
Free cash is great and the Money Saving Expert (MSE) founder regularly tells his followers about ways to get their hands on it – from claiming up to £500 from delayed or cancelled flights to getting a free grand if you were born before 2006, then Lewis is your man.
The 52-year-old has returned with fresh advice, this time to those who are married – just weeks after a warning to those who aren’t.
With more than 24 million people in the UK having tied the knot, it’s advice that will be relevant to huge chunks of the population.
Issuing the important information in his latest MSE newsletter sent out to fans on Tuesday night (22 October), Lewis said married couples can claim up to £1,006 that is completely free.
There is, of course, a bit more to it than just being married – it will come down to your specific household financials.
How can I qualify for the free £1,006 for being married?
The £1,006 is claimed via the Marriage Tax Allowance and it is something that millions of Brits are not taking advantage of.
In total, two million couples that are married or in a civil partnership are not claiming the cash when they could be.
It’s a tax refund and depends on how much you earn, and to get it, one person in the couple needs to be a non-taxpayer.
This means they need to be earning under £12,570 a year. So if you’re a stay at home parent or part time a few days a week, then you would likely tick this box.
The other person needs to pay the 20 percent basic rate of tax, in other words, they need to have an income between £12,570 to £50,270 a year. In Scotland, it is £12,570 and £43,662.
Married? Pay attention (Getty Stock Images)
How does the Marriage Tax Allowance work?
“Claiming tax allowances isn’t traditional Christmas fare, but it is a quick way for two million eligible couples not currently claiming to get an up to £1,260 tax refund – for many this will include a cheque for over £1,000,” Lewis writes in the newsletter.
“If eligible, the non-taxpayer can transfer 10 percent of the amount they can earn tax-free each year to the taxpayer, so they pay less tax.
“Better still, this can be backdated for up to four years if you were eligible then.”
If you can claim the Marriage Tax Allowance, you will get £252 for 2024. And better than that, you can backdate this claim – this is where the £1,006 comes in to play.
The government will send you a cheque or bank transfer the cash roughly six weeks after your claim is eligible.
So if you do it soon, you could get Christmas paid for. What are you waiting for?