Best of Both Worlds: Tax Planning Tips for Couples to Maximize Old and New Regimes

Couples can maximize their tax savings by strategically splitting assets and allowances. The redistribution of income-generating assets ensures that lower-taxed partners make full use of allowances, such as the personal savings or dividend allowance. The Marriage Allowance allows a transfer of £1,260 of personal allowance, which can save up to £252 annually if one partner earns below £12,570. Further help with liabilities is possible by leveraging ISAs, pensions, and joint capital gains tax exemptions. These techniques have helped couples benefit both from the old and the new tax regime. Professional advice is by an expert.

Source: JM Finn, Frazer James