The most well known taxes in the UK are income tax, capital gains tax, inheritance tax and VAT but of course there are many more that we pay during our lives whether we realise it or not.
Planning to avoid paying tax is not illegal or immoral and in fact has been actively encouraged by successive Government’s which allow products with tax incentives to encourage saving, pension contributions and funding into smaller growing UK businesses. Tax evasion is illegal.
In 1986, Roy Jenkins described inheritance tax as “a voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue”
There are many ways to save or reduce tax liabilities which can involve effective structured planning or the purchase of insurance, investment and pension plans. Our advisers are able to assess your current financial situation and plans for the future and offer advice on how to become as tax efficient as possible both now and in the future.