You can reduce the tax you need to pay and also earn tax free returns if you make use of the tax efficient tools available to you.
In order to maximise the benefit, you need to invest before February 29th 2020. Here is a brief list of what’s available and the major benefits:
- Retirement Annuities (RAs)
- Contributions towards RAs reduce your taxable income for the year, therefore reducing the amount of tax one needs to pay.
- All funds in an RA are protected from creditors and excluded from your estate. (Zero estate duty taxes)
- If you emigrate, it is possible to take the funds out before retirement.
- Tax Free Investments
- Pay zero tax on capital gains, interest or dividends earned.
- If needed, funds are accessible any time.
- 12J Investments
- You can invest in Venture Capital Companies and recoup all taxes paid this year. (Warning: these are very high risk)
Please get in touch with us to determine which investment strategy is best for you.
All the best,
Stuart and Jonathan