1. Use all the tax reliefs, and tax-free allowances available to you, as far as is practicable. The personal allowance and age allowances are given automatically, but are clawed back when income exceeds certain limits. So check your income doesn’t accidentally exceed the income limit for your allowance.
2. If a tax planning scheme sounds too good to be true, it probably is. In particular, do not get involved in a tax scheme that relies on the non-declaration of income or capital gains, as that would be illegal.
3. Bear in mind that the tax effect of a decision is only one element to consider. Commercial, practical and financial implications of the decision should always be taken into account.Last Updated
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Tax Tips
Tax Tips
Facts and Figures >
Tax Tips
09: General approach to tax planning
The FSA does not regulate taxation advice and some aspects of buy to let arrangements.
Levels, bases of and reliefs from taxation may be subject to change.
The value of your investment can go down as well as up and you may not get back the full amount invested
Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice, the precise amount of the fee will depend upon your circumstances but we estimate that it will be £250
