Asad and Arshia are husband and wife, both are residing in the UK.

For the tax year 2022/23, Raja has the following income:

Employment Income 80,000

Interest from Bank 40,000

He has no other income during the tax year.

Rani is a housewife, she had no income during the tax year 2022/23.

Asad and Arshia heard something about tax planning to reduce tax liability. Tax planning may be Asad alone can do himself by shifting his Bank deposit to various other schemes or he can reduce his tax by sharing his income with his wife. But even after discussing each other, they are unable to conclude how to reduce the tax.

As a tax advisor, Advice Asad:

a) How he can reduce his tax by shifting his investmentinto his own hand and

b) Which income he can shift to his wife so that they can reduce the overall tax.

Substantiate your advice with the help of Tax calculations and explanation.