Marriage Allowance

I have transferred £1260 of my personal allowance to my wife through the marriage allowance. My income is usually below £11,310, but due to the increase in savings interest rates I'm not sure if it will go above that this year, or if it might possibly go above the personal allowance level of £12570. As I'm not sure, do I have to cancel the Marriage Allowance transfer now, or can I wait to see what my income is at the end of the tax year? As this level of income will only be temporary, can I leave the Marriage Allowance in place? If so, can I still benefit from the personal savings allowance and savings starting rate?

Hi,
You can review your claim for marriage allowance once you know your total income for the year.
If your savings interest pushes your income above £12570 this may then mean you will pay some tax.
If this happens you can then decide what is financially more beneficial for you as a couple.
If you cancel because of a change in income, the allowance will run until the end of the tax year (5 April)
Marriage Allowance
Thank you.

If his savings income takes him above £11,310, or £12,570, would he not qualify for the Starting Rate for Savings on up to £5,000 of savings income above his personal allowance and thus not need to worry about cancelling MA?

Hi,
The Personal Savings Allowance of £1000 and Starting Rate for Savings of £5000 would both apply:
Tax on savings interest
While the poster could in theory earn up to £17,313 in savings interest income only (or £11,310 other income and £6,000 savings interest income) without having to cancel the transfer of Marriage Allowance, other conditions may apply.
For specific advice, please contact us by webchat or phone via:
Self Assessment: general enquiries
Thank you.