Self-assessment: 10 ways to cut your tax bill We all pay tax on our own individual earnings and assets. But thanks to a number of reliefs and allowances offered to married couples and civil partners, it is possible to reduce the total amount of tax you pay as a couple if you arrange your finances correctly. This, though, works only if one partner pays a lower tax rate. Accountants recommended switching income-producing assets, such as shares, investment funds, bank and building society accounts and jointly owned property, into the name of the partner who pays the lower rate of tax. This way, you pay less tax on dividends, rent and savings interest. The general rule that jointly owned income is taxed 50/50 can be altered by making a specific election where there has been a genuine outright gift of assets. If you are unmarried and transferring assets, this could potentially trigger a capital gains tax (CGT) bill.