For married couples, if one spouse is a high earner but the other spouse is a non-taxpayer or is only paying tax at the basic rate, consider switching income producing assets (e.g. investment properties or share portfolios) to the spouse paying the lower (or no) tax. The same applies to partners in civil partnerships.
This strategy was popular when the highest rate of income tax was 40%, but the tax savings are now potentially greater following the introduction of a 50% top rate of income tax.
This tip was first printed in Tax Insider in May 2010.