Taxation of jointly owned property

Where property is owned jointly it is possible to divert income from a high rate taxpayer to a low rate taxpayer without necessarily giving up the beneficial interest in the underlying property. Between husband and wife and civil partners a simple transfer of legal...

What is the highest rate of tax in 2011-12?

General considerations: You will be paying tax at the 40% income tax rate if your income less tax allowances exceeds £35,000 and at the additional rate, 50%, if your taxable income exceeds £150,000.   Additionally, your Personal Allowance reduces when your income is...