Looking at ways to ease your tax liability is now as important as ever. NHS Consultants with incomes over £150,000 currently have an income tax liability of 45% on their income over this level. What is more, if you have an 'adjusted net income' of more than £100,000, you will suffer an effective rate of 60% on income between £100,000 and £122,000 (for those aged under 75) as at 2015/16, because of the erosion of your personal allowance.
During initial consultations, I will look at whether you are maximising your ISA and Capital Gains Tax allowances. With careful planning and looking at your cash flow requirements, it is still possible to maintain a desired lifestyle and sustain wealth during retirement.
The levels and bases of taxation and reliefs from taxation can change at any time and are generally dependent on individual circumstances.
The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and the value may fall as well as rise. You may get back less than the amount invested.