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Can I use deed of covenant to transfer income to my wife?

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Many couples are examining their finances during the pandemic (stock image)

Many couples are examining their finances during the pandemic (stock image)

Many couples are examining their finances during the pandemic (stock image)

Email your questions to lmcbride@independent.ie or write to 'Your Questions, Sunday Independent Business, 27-32 Talbot Street, Dublin 1'.

While we will endeavour to place your questions with the most appropriate expert for your query, this column is not intended to replace professional advice.

Q. Can I use a deed of covenant to transfer income from me to my wife - so that we can take advantage of the standard rate tax band? My wife currently has no income in her own name. We are jointly assessed for tax purposes. Brendan, Co Kildare