How to tackle the new tax regime – MoneyWeek


Meanwhile,thegovernment-ownedNationalSavingsInvestmentsBanksproductsalsoofferssomeusefultaxbreaks。

Index-linkedcertificates,forexample,allowyoutoinvestupto£15,000overthreeorfiveyears,withinterest(basedontheretailpriceindex+1%)receivedfreeofincometax。

Forgamblers,monthlyprizeswononpremiumbondsarealsotax-free,assumingyourcertificatecomesupawinner。

Spreadingassetsaroundmakessensetoo。

Forexample,acouplecanreducethetaxontheirsavingsincomebyholdinginvestmentsinthenameofwhicheverspouseenjoysthelowesttaxbracket。

And,inadditiontotheIsaallowance,everyonealsogetsa£10,100annualcapital-gainstaxallowance。

Thisistheamountyoucanmaketax-freefrombuyingandsellinginvestmentsbeforeyouhavetostartpayingCGT。

Soifyouthinkyouregoingtoexceedthisamount,transfersomeofyourassetstoyourspouseorcivilpartnerbeforesellingthemandusetheirallowancetoo。

Thetaxreliefonpensionsmeanstheywillbecomeincreasinglyattractivetohighearnersiftaxescontinuetorise。

Pensioncontributionscurrentlyattracta20%taxreliefifyouareabasic-ratetaxpayer,or40%asahigher-ratetaxpayer。

From6Aprilanyoneearningover£100,000shouldmakethemostofthis。

Ifyouearn£110,000andpay£20,000ayearintoapension,yourtaxableincomewilldropto£90,000andyoullregainyourfulltax-freepersonalallowance,saysJustinHarperinTheSundayTelegraph。

Otherwise,youlosetheallowanceatarateof£2forevery£1ofincomeabove£100,000。

Buttheresacatch。

Thegovernmentsanti-forestallingrulesmeanthatmostpeoplewithearningsof£130,000-plusarerestrictedtoamaximumannualcontributionof£20,000forhigher-ratetaxrelief,saysDannyCoxofHargreavesLansdowninMoneyWise。

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