Spouses help make tax savings

IFA Promotion estimates £185 million could be saved from the taxman simply by considering whose name savings are made in. The claim that if UK taxpayers transferred savings accounts to non-taxpaying spouses the average couple could make a saving of £107 each year is made in Wasted Tax 2000, research conducted by independent agency RAKM for IFA Promotion. This action would mean the tax liability on the savings is lower, or even zero. IFA Promotion's David Elms says this is a simple tax saving if you husband or wife is a non-taxpayer or pays a lower rate than you do. "Simply trans...