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Income-producing assets owned by high-rate taxpayers (within a family unit) can be transferred to lower rate taxpayers. Doing so can reduce the future tax payable on the income stream flowing from the asset (e.g. rent in the case of a property; dividends in the case of shares; or even interest in the case of a bank account).
Before taking action however you need to consider ancillary costs of the transfer including legal costs, stamp duty etc. Capital gains tax must also be considered.
The income tax savings achieved in the long term however by transferring the income stream from the asset may be worth these ancillary costs, particularly where you plan to hold the asset long-term.
