If you are married, consider reorganising your investments so your investment income is paid to the partner who pays least tax on it.

You can pay into a personal pension or stakeholder scheme for your husband or wife even if they have no earnings. You get basic rate tax relief on the contributions.

Saving through an individual savings account (ISA) means no tax to pay on the proceeds, make sure you use your ISA allowance each year.

Investors should consider having some investments which give a capital gain rather than income.  Every individual has a capital gains tax-free allowance (£10,100 in the tax year ending 5 April 2011) which is often wasted.

Draw up a will. There are simple steps you can take to minimise the tax payable on your estate when you die and to reduce the complications for those you leave behind.