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Personal Tax Planning

Author: Rachael Brown

Publication Date: January 2024

Publisher: Bloomsbury Professional

Law As Stated At: 1 December 2023

Personal Tax Planning

Personal Tax Planning

The aim of Personal Tax Planningis to identify and explain the main principles and practice underlying personal tax planning.

Part 1 looks at the principles of personal taxation and examines in some detail the critical components which underpin the UK tax system. An overview of the UK tax system is provided along with an outline of similarities and differences to other countries’ tax systems.

Part 2 covers the taxation of earnings including employment status, benefits-in-kind, special individuals, such as authors, artists and Lloyd’s underwriters.

Part 3 concentrates on capital taxes and includes commentary on gains and losses, and in particular, how losses can be utilised.

Part 4 focuses on inheritance tax issues and covers IHT computations, exemptions and reliefs, gifts with reservation and excluded property. These are all important areas concerning inheritance tax planning.

Part 5 covers investments. For the individual investor, the range of possible tax-efficient investments continues to grow. The aim of the commentary in this Part is to identify the incentives and tax treatment of some of the more common investment opportunities currently on offer. It also covers property ownership, including rental income and holiday lettings.

Part 6 is devoted to international tax issues including non-UK resident taxation; the non-UK domiciled individual and accessing offshore monies; the use and role of offshore financial centres; double tax agreements and the EU Savings Directive.

Part 7 examines the important topic of wills and looks at the tax issues associated therewith including matters associated with post-death planning.

This work is designed to provide a clear, concise reference to all aspects of personal tax law and practice, with cross-references to legislation, case law, and other source material. Users will hopefully find it easy to navigate and more digestible than other reference material. Bullet points, checklists, summaries, worked examples and tables have been used throughout to aid comprehension.

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