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What is the transferable tax allowance (marriage allowance)?

From 6 April 2015, an individual can elect to transfer 10% of the personal allowance (£1,260) to the spouse or civil partner where neither party is a higher rate or additional rate taxpayer. The legislation calls this the ‘transferable tax allowance’ but the GOV.UK website refers to it as the ‘marriage allowance’. The personal allowance is frozen at £12,570 until 5 April 2028, and therefore the transferable tax allowance is similarly frozen at £1,260 for the same period (as it is rounded up to the nearest £10).

The transferor’s personal allowance is reduced by the