Tax Tip #3 Remember Your Spouse and Family

Mar 16, 2016 | Tony Byrne's View

As well as using tax allowances yourself, it is also important to remember that your spouse and family have similar allowances that you should consider taking advantage of.

For example, couples should ensure that income generating assets, such as property and investments are split between them, in order to maximise the use of personal allowances and lower rate tax rates. This planning strategy can potentially be extended to other family members, depending on circumstances.

As another example, it may be possible to reduce your capital gains tax bill, by transferring assets to your spouse, so they can use their annual capital gains tax allowance.