Comments on: Is there anyway for my wife to transfer her personal tax allowance to me? http://MoreIncomeLessDebt.com/is-there-anyway-for-my-wife-to-transfer-her-personal-tax-allowance-to-me/ Enhance Your Financial Intelligence Fri, 12 Feb 2010 21:40:01 -0600 hourly 1 By: agius1520 http://MoreIncomeLessDebt.com/is-there-anyway-for-my-wife-to-transfer-her-personal-tax-allowance-to-me/comment-page-1/#comment-324 agius1520 Sun, 31 Jan 2010 23:03:33 +0000 http://MoreIncomeLessDebt.com/is-there-anyway-for-my-wife-to-transfer-her-personal-tax-allowance-to-me/#comment-324 unfortunately not, blame Gordon Brown, as Chancellor he scrapped the married couple's allowance where you could share tax allowances when one person wasn't working.

unfortunately not, blame Gordon Brown, as Chancellor he scrapped the married couple's allowance where you could share tax allowances when one person wasn't working.

]]> By: spike24601 http://MoreIncomeLessDebt.com/is-there-anyway-for-my-wife-to-transfer-her-personal-tax-allowance-to-me/comment-page-1/#comment-323 spike24601 Sun, 31 Jan 2010 22:49:33 +0000 http://MoreIncomeLessDebt.com/is-there-anyway-for-my-wife-to-transfer-her-personal-tax-allowance-to-me/#comment-323 No, you cannot give your wife your personal allowance. However, and I don't know your circumstances, if you had substantial income from investments (shares, bank accounts, property) you could gift half/part/all of that to her so that she received some of your income, thereby reducing your taxable income and utilising her tax free amount. The only other alternative would be to become self employed and pay her a salary (again reducing your taxable income and utilising her tax free amounts), BUT she would have to do work deserving of the pay (you can't just pay her money and the business would have to be trading for sound economic reasons). But if you just have salary you are stuck and her allowance will go to waste.

No, you cannot give your wife your personal allowance.

However, and I don't know your circumstances, if you had substantial income from investments (shares, bank accounts, property) you could gift half/part/all of that to her so that she received some of your income, thereby reducing your taxable income and utilising her tax free amount.

The only other alternative would be to become self employed and pay her a salary (again reducing your taxable income and utilising her tax free amounts), BUT she would have to do work deserving of the pay (you can't just pay her money and the business would have to be trading for sound economic reasons).

But if you just have salary you are stuck and her allowance will go to waste.

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