Have you considered how the transferable tax allowances for married couples will impact you?
With effect from April 2015 a spouse or civil partner will be able to transfer £1,000 of their personal allowance to their spouse or civil partner. This option will be available where neither spouse nor civil partner is a higher or additional rate taxpayer. With a basic rate of income tax of 20%, the recipient’s tax liability will be reduced by up to £200 for the tax year.
The 2014 budget increases this allowance to £1,050 to take effect on 6th April 2015 giving a reduction of £210 to the couple’s tax bill in the 2015/16 tax year.
Tax Saving Tip
Where one spouse or civil partner is a higher rate taxpayer you may wish to consider your ownership of income producing assets between you to minimise the tax liabilities. Income producing asssets can often be gifted between couples without incurring capital gains tax charges – why not talk to a member of our team ?
Contact us
Contact robert.salenius@hghyork.co.uk or call 01904 655202 if you would like more advice on the allowances above or any other tax enquiry.
