Tag Archives: fail

The Tory married tax plans

So it turns out the Tory bribe to those married isn’t really worth much at all.
To start with it’s only worth at the most £150 a year. With the average cost of a wedding around £20,000, it would take 133 years to get your money back.
Secondly it is only available as a tax-break transfer. So if someone in the relationship is earning less than £6,475 you could transfer £750 of your tax allowance to your partner, both earning more than this and it’s pointless.
Thirdly the person receiving the transfer must be earning less than £44,000 a year.

However the greedy nature of me went, at least I’m going to get the cash. That was until I got out the calculator. Currently the wife is getting statutory maternity pay which means that even we won’t get this bribe.

Of course under equality law this tax break is also available to couples in a civil partnership, but really, how many are in the situation where one is earning less than £6,475 a year, whilst their partner is on less that £44,000??

I think I prefer the LibDem proposal to lift the basic rate of tax up to £10,000 instead of this Tory fudge.