The financial guru says there's one cash payout which millions of people are missing out on and the deadline is fast approaching due to the new tax year
Martin Lewis, the money-saving expert, is urging roughly two million people to claim £1,256 from HMRC before a fast-approaching deadline. Speaking on a special Budget 2024 edition of the Martin Lewis Money Show Live on ITV1 and ITVX, he explained that this cash payout is something millions are missing out on due to the new tax year.
He added: "The first one is for people who are married, this is the Marriage Tax Allowance. If you don't apply now you may lose about £250." There are around 2.1M couples who could claim this but aren't. Martin explained that if possible, people can apply to transfer 10% of their tax allowance to their spouse, which could result in a tax saving and a cheque being sent to them.
"So now the non-taxpayer, well they're not earning but the taxpayer has an extra 20% of which they are not taxed. So 20% of £1,260 means they gain £250 a year."
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