Mitigating a high tax bill
Despite government ambitions to reduce income tax rates, the overall tax burden is likely to remain at a historically high level for the foreseeable future. Higher earners are continuing to shoulder most of the burden.
This guide offers a detailed look at pensions tax planning for high earners with guidance on how to best mitigate a high tax bill.
Pensions tax planning for high earners – what is included in the guide:
• The rising tax burden on income
Planning could help you to lessen the rising tax burden – and we’re here to help.
• Contribution planning
Pension contributions can offer a particularly effective way to reduce your tax bill whilst also helping you to prepare for retirement so you should make sure you are aware of all the options.
• Taking control of your pension plan – SIPPs
If you want more control over how your pension funds are invested, you may want to consider a SIPP, which allows you to choose how your savings are used.
• Withdrawing money from your pension
Careful consideration is needed of what level of withdrawal may be appropriate, and what investments should be encashed to provide it.