Although there is less than 2 months remaining of the 2019/20 tax year, there is still time to maximise your annual tax allowances and minimise your tax liability. One way to do this is by tax efficient investments, which can be incorporated into annual tax planning.

Tax efficient investments are government-approved schemes which offer investors various types of tax relief on certain investments, such as Capital Gains Tax relief (CGT), Inheritance Tax relief (IHT) or Income Tax relief and often means the investor is able to maintain a higher proportion of any returns made as a result of the investments.

There are various tax efficient investment opportunities which can help minimise your tax liabilities throughout the financial year, including:

  • Individual savings accounts (ISAs)
  • Self-invested personal pensions (SIPPs)
  • Venture capital trusts (VCTs)
  • Business property relief (BPR)
  • Enterprise Investment Scheme (EIS)
  • Seed Enterprise Investment Scheme (SEIS)

Each of these investment schemes are designed to support and encourage tax efficient investments.

Some tax efficient investments have a higher risk than others, so it’s important any investments match your personal circumstances.

Advice on personal tax planning

Tax planning is completely bespoke for each individual and relies entirely on individual circumstances. Ever increasing legislation and changing regulations can make personal tax planning a complex field to navigate, which is why it is vital to seek advice from a specialist personal tax advisor who can help you implement a tailored plan, and also ensure your tax affairs are in order, protecting yours and your family’s wealth.

Local personal tax advisors

For any advice regarding tax efficient investments or your eligibility to claim tax reliefs from such investments, get in touch with a member of our dedicated personal tax team. Whether you require advice in relation to investments particularly, or effective tax planning, wealth management, inheritance tax or estate planning, we can help. Alternatively, you can read or download our end of year tax planning tips by clicking here.

Furthermore, by working in unison with our group company, Smith Cooper Independent Financial Solutions, we’re able to offer intelligent wealth strategies exclusively to private and corporate high net worth clients.

By aligning your financial needs with your aspirations, we can provide bespoke advice that protects and preserves your existing portfolio, whilst generating further opportunities, securing and maximising your financial future.

View our End of Year Tax Planning flyer below.

End of Year Tax Planning