Tax Reliefs - Spouse

Tax Reliefs - Spouse

Tax Reliefs - Spouse

Tax Reliefs/Tax Free Transfer

Between a husband and wife there are few allowances/exemptions, which can be taken advantage of

  • Marriage allowance (maximum of £1,260) can be transferred to the spouse if their income is below £12,570
  • If one of the spouse is a
  • higher rate
  • additional higher rate payer
  • Income which is above £100,000 (reducing personal allowance)

and the other spouse is a basic rate payer then if there is a let property this could be transferred as a gift and there will be no Capital Gains Tax and Stamp Duty. The lower earning spouse on any rental profit will pay at the basic rate of 20% rather than 40% in tax.

  • If ☝🏽 spouse has a bank/building society account and earns interest then there is the option to apply for a joint account and split the interest equally and used the savings allowance to save sim tax

The higher earner in general can have some Tax Relief

  • Gift Aid into a Registered Charity and claims tick Gift Aid ✅ option
  • Personal Pension Contributions into Registered Pension Scheme ☑️

The Basic Tax Relief band increases, which means more income is subject to the basic rate tax

If you would like further advice and guidance

Please feel free to reach out

Tel: 01212852534


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