Taxpayers could save a total of £87m across the UK by
transferring assets to a non-taxpaying spouse, according to research
by IFA Promotion.
IFAP says if the spouse is a non-taxpayer, the tax liability on
savings can be cut to a much lower level, possibly even zero.
Its research shows the average deposit held by individuals is
£9,935. If the spouse is in the higher-tax rate bracket, by
transferring two-thirds of this amount into their partner's name and
investing it in an instant-access account paying 2.55 per cent gross,
the couple can make a saving of £67 a year.
This depends on the spouse having no current income and therefore no
tax liability.
Chief executive David Elms says: “If your husband or wife is a
non-taxpayer or pays a lower rate than you do, taking a moment to
transfer savings and investments to your partner could save you a
considerable amount.
“Visiting an independent financial adviser to discuss where you might
save tax is hugely valuable, especially as so often the process of
reducing the amount of tax you waste is very simple.”
View more on these topicsNews
CA attacks FSA with-profits reform proposals
The Consumers' Association has criticised the FSA's proposals for reforming the with-profits industry outlined in CP167, saying they do not represent any real progress for policyholders. In its response to the CP, the CA expresses its concerns about the regressive steps included in the paper. It calls on the FSA to take on board some […]
'Restoring consumer faith more vital than economy'
Restoration of consumer trust is a bigger concern for the financialservices industry than the poor state of the economy, according to asurvey by software house Focus Solutions.The survey of 33 major product providers and IFAs shows thatrestoring customer trust was the biggest challenge, with a weightedscoring of 3.89 out of a maximum of six, followed […]
Bupa sees the funny side
Bupa is running a series of 12 new press advertisements with a “lighthearted and comical” theme.The ads are intended to show a different side to Bupa and focus onthe organisation's accessibility.One shows a dog sitting across a desk from a nonplussed doctor,saying “…Well, you said it was for everyone.” The caption reads“The good news is […]
Fitzgerald retires from Royal London
Royal London's sales director Barry Fitzgerald is to retire after more than 30 years with the mutual life insurer. Fitzgerald joined Royal London in Colchester in 1972, holding several senior appointments in the sales department before joining the board in 1997 as sales and marketing director. His sales role is to be split, with Chris […]
Harris Associates' view on the UK’s vote to leave the EU
By David Herro, Partner, Deputy Chairman, Portfolio Manager and Chief Investment Officer of International Equity at Harris Associates Britain’s vote to exit the European Union has led to significant uncertainty across global markets. We believe market impact of this uncertainty, though severe, is more of a shorter-term phenomenon which will provide an opportunity for long-term […]
Newsletter
News and expert analysis straight to your inbox
Sign up
1
Schroders and Lloyds team up for advice partnership
Schroders and Lloyds Banking Group have joined forces for a financial planning and wealth management proposition for wealthy clients. The new business aims to address the “growing gap in the advice market” through a personalised, advice-led proposition. The partnership will bolster Schroders’ expansion into the UK wealth management market, while Lloyds says it will help develop […]
2
Women’s private pension pots outstrip men’s, says ONS
The gap between what women earn and save compared to men continues to grow according to Office for National Statistics figures released today. Analysis for young people aged 16 to 29 shows the level and growth of median annual earnings were generally lower for women than men whether they were degree or school-educated or had […]
