Loughborough MP and Treasury Minister, Nicky Morgan MP, has said the Government’s planned marriage tax allowance will help Leicestershire families.
It comes as figures released today by the Treasury show that the ‘married couples’ transferable allowance’ will benefit 345,000 people in the East Midlands.
A spouse will be able to give their husband or wife a tax-free allowance of £1,000 with most couples saving £200 per year in tax.
Prime Minister David Cameron announced the new policy at this year’s Conservative Party Conference. It will come into effect in April 2015, but will not apply to higher-rate tax payers.
Nicky Morgan MP said: “I think this allowance has great potential for Loughborough and Leicestershire families as the figures released by the Treasury show today.
“I know that hardworking people care about every penny saved and this new tax break could help pay for those vital household items.
“I am also very proud that we will soon have a tax system that recognises the importance of marriage as a vital institution in our country.”