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home | Income Tax

How to avoid or reduce Income tax

If you're a higher rate taxpayer nearly half of your earned income above the higher rate band will go the taxman. In this section we include articles and reports that look at how to avoid or reduce income tax.

You may also want to have a look at our Income Tax Consultancy Questions which looks at numerous income tax planning questions in detail.

Establishing non UK resident status is a very effective method of avoid UK income tax on overseas income. You can also avoid UK income tax on some UK income as well. Look at our emigration section for more details of this.

Investing tax efficiently for your children
01/09/2010
Investing tax efficiently for your children This is a popular topic with site members, and as Child Trust Funds will be withdrawn after January 2011 this has led to a number of e-mails asking for tax efficient options to invest for children. In this article we look at the options for investing tax efficiently for your children . . . keep reading
Changes to tax relief for pensions following July consultation document
30/08/2010
Changes to tax relief for pensions following July consultation document The Government is consulting on a new approach to limiting tax relief for pension saving by reducing both the annual allowance and the lifetime allowance. In this article we look at the impact of the proposed changes . . . keep reading
Is this the first step to Dividends being charged to NIC?
18/08/2010
Is this the first step to Dividends being charged to NIC? When looking at extracting cash from a company, one of the advantages of a dividend, as opposed to a salary/bonus arrangement is that dividends are not subject to NIC. This can save you NIC (at 11% or 1%) and can also save the company NIC (at 12.8%). In this recent case HMRC challenged this tax treatment of dividends and argued that they should be subject to NIC. . . . keep reading
Using an offshore company for a UK property purchase and UK shadow directors
18/08/2010
Using an offshore company for a UK property purchase and UK shadow directors We're often asked about the UK tax implications of purchasing a UK property via an offshore company. It's well known that non doms have an advantage as this takes the value of the property out of the UK estate for UK inheritance tax purposes, however what are the other tax implications of using an offshore company for UK property? . . . keep reading
Changes to tax relief on pension contributions following the Emergency Budget
30/07/2010
Changes to tax relief on pension contributions following the Emergency Budget The Emergency Budget brought major changes in a number of areas. Some of the key changes are the proposals to how to restrict tax relief for high earners. In this article we look at tax relief under the current pension regime and the proposed changes . . . keep reading
Changes to the UK's special tax rules for seafarers
28/07/2010
Changes to the UK's special tax rules for seafarers There are some proposed changes to the tax treatment of seafarers. In this article we'll summarise the current tax treatment as well as look at the potential changes . . . keep reading
Using a company to reduce taxes after the Emergency Budget
09/07/2010
Using a company to reduce taxes after the Emergency Budget There have been numerous changes to corporation tax rates and income tax and national insurance rates in recent years. The latest changes have been made in the recent Emergency Budget. However, just how will they effect your decision as to whether to use a company for your trade? . . . keep reading
Financial trader or investor status after the increase in CGT to 28% in the Emergency Budget?
22/06/2010
Financial trader or investor status after the increase in CGT to 28% in the Emergency Budget? As the top rate of CGT will be increased to 28% from midnight tonight it's likely to be worthwhile for financial investors to reconsider whether there are any benefits in obtaining 'trader' status. In this article we look at exactly what the benefits are . . . keep reading
UK tax on Australian Super funds after becoming UK resident
11/06/2010
UK tax on Australian Super funds after becoming UK resident We've had a few people asking questions about the UK tax treatment of Australian Superannuation ('Super') funds after you're UK resident. In this article we cover everything you need to know about this. . . . keep reading
Tax free redundancy receipts after a recent Tribunal case?
07/06/2010
Tax free redundancy receipts after a recent Tribunal case? A recent case suggests that a payment to reduce an employee's future contractual redundancy rights can potentially be entirely tax-free. In addition it doesn't count towards the £30,000 exemption available on any future termination of employment. In this article we look at the facts of the case and any tax planning opportunities . . . keep reading
What tax policies can we expect from the new government in the Emergency Budget and over the next 12 months?
14/05/2010
What tax policies can we expect from the new government in the Emergency Budget and over the next 12 months? The Conservative-Liberal Government have promised an emergency Budget within 50 days of coming to Government. This takes us to roughly the beginning of July. In this article we look at the previous Conservative comments and pledges to assess what could be included in the Emergency Budget as well as for tax year 2011/2012. This takes account of the Lib-Conservative coalition agreement issued on 12 May . . . keep reading
Transfer to trust & IHT
Question: If my mother(aged 95) does a transfer to a Trust of £400,000 I understand this will have a tax charge of 20% on the amount above the IHT limit. So - am I correct that she would immediately pay the taxman 20% of £75,000 (good - this would lower her estate value!) BUT what would happen if she died a week after giving the gift ? Would it be the same affect as if she had never done it, or would it be that she paid the 20% charge and then had to pay 40% IHT on top of this ? What tax would be payable if she died 3 years after making it, and what tax would be payable if she died 7 years after making it? . . . keep reading
How the new restriction on tax relief for pension contributions works after April 2011
10/05/2010
How the new restriction on tax relief for pension contributions works after April 2011 As from 6 April 2011 anyone with income of £180k or more will be subject to new rules which reduce the value of tax relief on their pension contributions from 50% to 20%. In this article we look at exactly how the new restrictions to tax relief will apply . . . keep reading
Moving abroad to avoid the 50% rate of income tax
16/04/2010
Moving abroad to avoid the 50% rate of income tax As the top rate of income tax (officially known as the 'additional rate') has increased to 50% as from 6 April 2010, we're often asked "Can I move abroad to avoid this 50% tax rate?". In this article we assess how moving abroad can allow you to avoid the new 50% rate of income tax . . . keep reading
Tax efficient employee remuneration with share schemes in 2010
14/04/2010
Tax efficient employee remuneration with share schemes in 2010 Ensuring employees are paid tax efficiently is a key issue for both employees and employers. This is particularly the case as from April 2010 as we now have a 50% rate of income tax applying for anyone earning over £150,000. When you consider that the rate of CGT is still currently 18% structuring remuneration to employees tax efficiently can result in big tax savings. In this article we look at how share schemes can be used tax efficiently in 2010 . . . keep reading
Tax relief for Middle Eastern investors in UK property using the UK-Saudi Arabia double tax treaty
12/04/2010
Tax relief for Middle Eastern investors in UK property using the UK-Saudi Arabia double tax treaty Many Middle Eastern investors look to invest in UK property, and with the current low prices it can represent a good buying opportunity for the savvy investor. In this article we look at the tax treatment of UK property investments using Ijara structures and how this has now changed due to the provisions in the new UK-Saudi Arabia double tax treaty. . . . keep reading
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