A look at the options for avoiding the tax charge that comes with being over the allowance John, aged 58, had been in continuous employment from the age of 16 but, in early 2018, a company he had recently joined went out of business. As he was not entitled to any redundancy pay, he started […]
Planning strategies to make the most of the residence nil rate band
With the right of course of action, advisers can help reduce the personal allowance tax trap bill.
Wallace works for a large pharma-ceutical company and has net relevant earnings of £44,800 after factoring in his employer’s pension scheme, to which he is contributing the maximum matched amount. He is due to meet his adviser for an end of tax-year review. Since his last review meeting, Wallace has changed jobs and his adviser […]
Sam and David have been friends all their lives. They live next door to each other, work at the same company and socialise together. They are both married and each have two young children. Looking to the future, they are keen to make sure that, in the event of their deaths, their respective wives would […]
Fred and Daphne, aged 70, are comfortably retired and have £20,000 of excess pension income building up in their bank account. They also own a house worth £850,000 and have £75,000 in their bank accounts. As they have been building up excess income, last year they jointly placed £300,000 of their accumulated wealth into a […]
Alan, aged 56, owns a limited company. Each year he reviews his remuneration strategy at the end of his reporting period on 31 December. The approach he has taken to date is a low salary topped up by dividends. The business has generated £100,000 of profit in 2015 and Alan uses the remuneration he takes […]