Taxation solutions
Ensure you are utilising all your UK tax allowances
You work hard for your money so why pay more in tax than you need to? We are always thinking about ways to maximise the potential of your wealth, and one way this can be achieved is by minimising your tax liabilities. One of our Financial Planning Partners would be happy to talk to you about how we can help you. After all, there’s a lot to consider:
ISAs
Compared to traditional savings accounts, ISAs are a tax-efficient way of saving money. Each year, you can invest up to £7,200 in an ISA. The full amount can be invested in a Stocks and Shares ISA, or you can deposit up to £3,600 in a Cash ISA and the balance in a Stocks and Shares ISA.
Inheritance Tax
Inheritance tax is paid on your total estate - essentially everything you own when you die. This is currently levied at 40% of the value above the current tax-exempt threshold of £325,000 (£650,000 for married couples or civil partners). There are various strategies that can be employed to limit the tax liability of your estate after your death.
Pensions
Depending on your income, you will receive full tax relief from the government on any pension contributions you make, up to £245,000 annually (and up to a maximum of £1,750,000 over your lifetime). If you are a higher rate tax payer, this could prove to be a great way to invest your money tax-efficiently.
Of course, there are other areas you might like to consider as well – all of which we’ll happily discuss to determine the best solutions for you. Just call your Private Partner to arrange a meeting.
