Martin Lewis Encourages People to Claim ‘Free Money’ Before Approaching Deadline
Financial expert Martin Lewis is urging nearly two million married couples and civil partners to take advantage of a tax benefit that could be worth over £1,200. On a recent episode of the Martin Lewis Money Show Live, he urged viewers to apply for the annual tax rebate. For the current financial year 2024/25, couples have the opportunity to claim a rebate of £252 from HM Revenue and Customs (HMRC) before the end of the fiscal year on April 5th. Lewis also highlighted that claims for the Marriage Tax Allowance can be backdated up to four years, potentially resulting in tax relief of around £1,260 dating back to the 2020/21 tax year.
There has been a change in the claiming process for this tax benefit. For the current year 2024/25, claims must be made online, while for previous years dating back to April 6, 2020, a form needs to be downloaded from GOV.UK and sent by post to HMRC. Lewis advised viewers to act promptly, emphasizing the importance of sending the claim by post with ‘signed for delivery’ to ensure it reaches HMRC by the deadline on April 5th. As HMRC does not provide confirmation of claim receipt, this method adds an extra layer of security.
The show featured a viewer named Stephen who shared his success story after following Martin’s advice last year. He and his wife received a substantial tax refund of £1,200. Lewis explained that the £250 tax break for this year is applied through adjustments to your tax code, while for previous years, the refund comes in the form of a cheque. More detailed guidance on how to apply for the Marriage Allowance can be found on MoneySavingExpert.com, which includes essential eligibility checks and information on backdating payments.
Couples have the option to backdate their claim to cover any tax year since April 5, 2020, as long as they qualified for the Marriage Allowance during that period. Even if a partner has passed away since April 5, 2020, a claim can still be made, with instructions available on how to proceed by contacting the Income Tax helpline on 0300 200 3300. HMRC clarified that if the lower-earning partner has passed away, the person managing their tax affairs should make the necessary arrangements.
For more comprehensive information about the Marriage Allowance and details on how to claim, individuals can visit the official GOV.UK website. Lewis stressed the importance of taking action now to ensure that eligible couples do not miss out on this valuable tax benefit. The deadline of April 5th is swiftly approaching, and timely action could potentially result in significant financial gains for many couples across the country.
This initiative by Martin Lewis serves as a reminder to individuals and couples to review their tax entitlements and take advantage of available benefits. By raising awareness about the Marriage Tax Allowance and providing practical guidance on how to claim, Lewis is empowering viewers to proactively manage their finances and maximise their tax refunds. With the deadline drawing near, couples are encouraged to check their eligibility and submit their claims promptly to benefit from this valuable tax relief.
The attention brought by Martin Lewis to this tax benefit is a valuable reminder for individuals to review their finances and explore potential opportunities for savings and refunds. By utilising backdated claims and following the outlined process, many couples could access significant tax relief that may otherwise go unclaimed. The deadline provides a clear timeline for action, prompting individuals to take control of their financial wellbeing and secure the benefits they are entitled to receive.
In a time when financial security is a top priority for many, initiatives like these play a vital role in helping individuals navigate the complexities of tax regulations and access the support available to them. As the deadline approaches, Lewis’s guidance serves as a catalyst for couples to proactively engage with their finances, claim what is rightfully theirs, and ultimately enhance their financial stability. By shining a light on this often overlooked benefit, Lewis is empowering couples to take control of their financial future and make informed decisions to secure their financial wellbeing.