Planning tips at a glance
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Your support makes all the difference.Your Children
* Use their income tax and capital gains allowances.
* Consider your children owning suitable assets.
* Make lifetime gifts for children and consider trusts.
* Make school fees arrangements.
* Employ them in your business, if practicable.
Children as students
* Pay them under pre-15 March 1988 deeds of covenant.
* Distribute income and capital by trust or maintenance settlements.
* Gift single premium life assurance bonds for children to cash.
* Buy accommodation for them to occupy when at university.
* Make gifts of shares and other investments.
Early working life
* Join company pension scheme or arrange a personal pension.
* Benefit from interest-free loans, if available.
* Join a profit-related pay scheme for tax savings.
* Investigate employee share ownership plans (ESOPs).
* Remember, working overseas can produce tax savings.
* If self-employed, plan your accounts to minimise tax.
Newly married
* Use inheritance exemptions on marriage gifts.
* Purchase your home jointly and as tenants in common.
* Mortgage your home in a tax-efficient manner, and make wills.
* Split income and gains with spouse to take advantage of
separate taxation (eg, by employing your spouse).
* Make tax-efficient investments, such as PEPs and TESSAs.
Middle age
* Pass on family shares and other income-producing assets.
* Keep up ample pensions cover and life assurance.
* Cover gifts by term assurance.
* Settling abroad can attract big tax benefits.
* Make tax-efficient donations to charity.
* Create settlements for children and grandchildren.
* Change will and use deeds of family arrangement to save tax.
* Ensure maximum capital gains tax relief from selling family homes.
Retirement
* Consider delaying or commuting your pensions.
* Phase out your work while still making pension contributions.
* Sell or gift your business in a tax-efficient way.
* Use up your allowances (eg, by asset transfers).
* Purchase annuities if appropriate for tax reasons.
* Consider tax-planning options for your family home.
* Reduce capital gains tax and inheritance tax exposure.
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