Married Couple Savings Tax Saving Tip

RayWolfe

No, but you can transfer the money to your spouse and she can save tax free if she is not a tax payer.

ladybird2468

Why might this be costly? I was under the impression that a property can be given to a spouse with no tax to pay.

arthurk

Hi,

Just open my first cash ISA with Santander (2.85%) and transfered in £4000. I think I'll get up to £5100 before end of tax year. I'm married and we're wondering can we open another ISA in my wife's name and will then be allowed to save £5100 on the Santander ISA and £5100 on the new one in the name of my wife? This way we could save £10200 tax free in 2011/2012 tax year, am I right?

jem16

arthurk wrote: »

This way we could save £10200 tax free in 2011/2012 tax year, am I right?

Yes you are.

GrandadRob

My wife and I are just about to get one buy to let flat. I am in receipt of a private pension and use my personal allowance on that.

Would it be better to buy the flat in my wife's name and let her take the rent against her personal allowance, she does not work.

soulsaver

arthurk wrote: »

Hi,

Just open my first cash ISA with Santander (2.85%) and transfered in £4000. I think I'll get up to £5100 before end of tax year. I'm married and we're wondering can we open another ISA in my wife's name and will then be allowed to save £5100 on the Santander ISA and £5100 on the new one in the name of my wife? This way we could save £10200 tax free in 2011/2012 tax year, am I right?

Yes but the individual savings allowance (ISA) cash allowance in the 2011/12 is £5340 each so £10680 between you.

soulsaver

PS MSE Martin: Shouldn't this be in the 'cutting tax' section?;)

abba55

Hi My husband earns over the 40% tax bracket and also has a pension from a previous employer we are wondering as I am retired can he put the pension over to me and use my tax allowance? Thanks

jem16

abba55 wrote: »

Hi My husband earns over the 40% tax bracket and also has a pension from a previous employer we are wondering as I am retired can he put the pension over to me and use my tax allowance? Thanks

No he can't.

atush

GrandadRob wrote: »

My wife and I are just about to get one buy to let flat. I am in receipt of a private pension and use my personal allowance on that.

Would it be better to buy the flat in my wife's name and let her take the rent against her personal allowance, she does not work.

Yes, it would be beneficial for income tax ont he rent.

But don't forget if you don't hold it jointly, you will onky get on CGT exemption when you come to sell (unless you transfer ownership later).