Senior executives with incomes over £150,000 will share their income, over and above this level, equally with HM Revenue & Customs (HMRC) through their income tax liability.
Furthermore, if you have an ‘adjusted net income’ of more than £100,000, you will pay an effective rate of 60% on income of between £100,000 and £125,000 because of the erosion of your personal allowance.’ (For 2019/20 tax year).
Looking at ways to ease your liability is now as important as ever. During an initial consultation we will look at whether you are maximising your ISA and Capital Gains Tax allowance.
With careful planning and looking at your lifelong cash flow requirements, it is still possible to maintain your desired lifestyle and sustain wealth during retirement.
The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount initially invested.
The levels and bases of taxation and reliefs from taxation can change at any time and are generally dependent on individual circumstances.
If you would like to speak to us about a particular issue or wish to find out more about the specialist advice services we offer around tax, please get in touch.