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% basic-rate tax rather than 40%.
It could also help to save you thousands of pounds in capital gains tax (CGT). The tax went up to 28 per cent for higher-rate taxpayers in June. Basic-rate taxpayers continue to pay 18 per cent and, crucially, everyone continues to have an annual tax-free allowance of £10,100.
