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Personal tax

Non-domiciled individuals

The basics of the non-domicile charge.

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Trusts and settlements

Trusts and settlements - tax rates and allowances.

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Charitable giving

Charitable contributions and Gift Aid.

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Inheritance tax planning

Planning to minimise the liability to IHT is a team effort involving you and your professional adviser. To enable long-term planning to be set in place, it is important to carefully consider your planning options before making decisions about your financial planning and the distribution of your estate.

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Tax planning guidelines

Tax planning is a year-round activity - and a very important part of your overall financial strategy.

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Capital gains tax EIS deferral relief

Tax relief for re-investment of gains in qualifying schemes was introduced to stimulate investment in small businesses, and was incorporated into the enterprise investment scheme (EIS), as EIS deferral relief.

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Tax on savings income

Savings income (which includes all types of interest) is paid gross without deduction of income tax. The personal savings allowance provides a nil rate of tax on the first £1,000 of savings income for basic rate taxpayers and £500 for higher rate taxpayers, with none available to additional rate taxpayers. If your only taxable income arises from savings income, or your other income is very small the amount liable to 0% tax may be as high as £5,000

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Family trusts

A trust (settlement) arises when a person (the settlor) transfers assets to trustees, who hold the assets for the benefit of one or more persons (the beneficiaries), who will receive income and/or capital from the trust.

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Domicile

Domicile is the country you regard as your natural home. You can only have one domicile at any time. Your domicile can be of origin, choice or dependency. The most common type is domicile of origin.

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An introduction to self assessment

It is a fundamental part of the self assessment system that responsibility lies with you, the taxpayer, to file tax returns and pay the correct amount of tax, and before the payment deadline - you must not wait for HMRC to ask.

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