Debbie Story informs us of a tax saving tip for a married/civil partner higher rate tax payer.
Click here for video message from Debbie
Narrative of video:
Hi I’m Debbie Story from Sleigh & Story. Here is a tax saving tip for a married/civil partner higher rate tax payer with investments.
Transferring assets to a spouse or civil partner is one of the simplest ways to make a big tax saving, if one of you has to pay higher-rate tax. By moving the assets (e.g. shares, second property) to a spouse who pays tax at the basic-rate, the income will be subject to 20% tax rather than 40%.
It could also help to save you thousands of pounds in capital gains tax. The tax went up to 28 per cent for higher-rate taxpayers in June 2010. Basic-rate taxpayers continue to pay 18 per cent and, crucially, everyone has an annual tax-free allowance of £10,600.
