Transferable Tax Allowances

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Transferable Tax Allowances

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If two people have children and one of the parents decides to stay at home and look after the children, at present they have to apply for Family and/or Working Family Credit or other Social Security benefits. However, what about a situation where the tax free allowance of the stay and home parent is transferred to their partner, while they are not working.This policy would have the benfit of removing the stigma of claiming state benfits for some people, some may still however have to have additional benefits. It would be reletively simple to change the working partners tax code, this would provide them with the additional tax free allowance. At present the tax free allowance stands at £7,475. This would mean that the working partner would be able to earn approximately £15,000 without paying any tax. That has got to be a good thing!

This policy could also save money by reducing the cost of processing Family & Working Tax credits as some families would not require these benefits.

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