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How can I pay less tax?

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noh Posts: 5,807 Forumite

17 November 2009 at 5:21PM
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sleepless_saver wrote: »

You could use some of your income to buy a stakeholder pension for him to improve his post retirement income, and I think that attracts valuable tax relief. At the same time it willput you below the higher rate threshhold (though as woodbine has pointed out, if you're only just above the threshhold you're not going to be paying much at 40%).

The contributions only earn tax relief at the rate of the plan owner.
So if a 40% taxpayer contributed to a pension plan held by a lower rate tax payer then 20% relief only will be given.

The higher rate tax payer can of course contribute to a plan in their own name and receive tax relief at their marginal rate.

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How can I pay less tax?

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