List of tax saving options

expansion

There are many specific discussions but I can not find an overall and up to date list of tax savings options. Is there such a list or can we build one?

Basically, outside of work schemes what are ways employed individuals can save or reclaim income tax besides private pensions?

expansion

Well, perhaps my post can be taken as a criticism of the lack of information in the sticky. The sticky links to some specifics, mostly calculators, but doesn't provide a basic "tax cutting" list as the forum section is named and what most first time visitors would be looking for.

I searched and couldn't find an updated list, if there isn't one maybe this post can become a sticky if the options are listed.

By "work scheme" I refer to various tax savings benefits provided to employees by employers. Tax efficient like medical/life insurance, share matching plans, etc.

Outside of such work schemes, tied and dependent on employment, what other tax savings opportunities on income are there? I mentioned private pensions (SIPP) as an example, where income tax can be reclaimed, are there other things like this?

xylophone

http://www.moneyobserver.com/how-to-invest/how-to-invest-tax-efficiently-beginners-guide

expansion

Cheers for that. I had never heard of VCT or EIS, never seen it discussed in the more popular forum sections either unlike ISA and SIPP.

I will need to read up further on these 2.

Any more?

booksurr

expansion wrote: »

Cheers for that. I had never heard of VCT or EIS, never seen it discussed in the more popular forum sections either unlike ISA and SIPP.

I will need to read up further on these 2.

Any more?

with respect your list is heading in the direction I thought it would and is in danger of becoming very misleading

there is a vital difference between tax free saving activity such as ISA and the sort of things you are now talking about - you are letting the tax tail wag the dog

under no circumstances should anyone ever pick a VCT or an EIS because it is "tax efficient". They are both HIGH RISK INVESTMENTS and should be picked purely on that understanding. Any tax "efficiency" is a secondary by product and is not the reason for doing them.

somethingcorporate

Why don't you start a list in the hope it gets made a sticky?

pavane

expansion wrote: »

I searched and couldn't find an updated list, if there isn't one maybe this post can become a sticky if the options are listed.

somethingcorporate wrote: »

Why don't you start a list in the hope it gets made a sticky?

was that not the request?

pavane

booksurr wrote: »

with respect your list is heading in the direction I thought it would and is in danger of becoming very misleading

there is a vital difference between tax free saving activity such as ISA and the sort of things you are now talking about - you are letting the tax tail wag the dog

under no circumstances should anyone ever pick a VCT or an EIS because it is "tax efficient". They are both HIGH RISK INVESTMENTS and should be picked purely on that understanding. Any tax "efficiency" is a secondary by product and is not the reason for doing them.

request is for tax saving options, not savings options that are tax efficient. you have focused on the one savings device in isa, share matching plans, etc. mentioned aren't saving either.

expansion

booksurr wrote: »

with respect your list is heading in the direction I thought it would and is in danger of becoming very misleading

there is a vital difference between tax free saving activity such as ISA and the sort of things you are now talking about - you are letting the tax tail wag the dog

under no circumstances should anyone ever pick a VCT or an EIS because it is "tax efficient". They are both HIGH RISK INVESTMENTS and should be picked purely on that understanding. Any tax "efficiency" is a secondary by product and is not the reason for doing them.

Please provide more options for tax free savings activity such as ISA
Please provide more options of tax efficient products like VCT, EIS

somethingcorporate wrote: »

Why don't you start a list in the hope it gets made a sticky?

Assuming this was to me, not booksur, this was exactly what I suggested could turn into in earlier post as already quoted by pavane

pavane

booksurr wrote: »

you are totally missing the point. You do not choose any form of investment because it is tax "efficient" or tax "saving". You may choose a savings product that is tax saving over another product that isn't, but then again are you seriously suggesting that an ISA paying 0.01% interest is better than a regular saver paying 6%? Tail wagging dog

to promote a list of such options would be dangerously misleading because you pick an investment based on your expectation of the investment, not because of what it may or may not do to your tax position.

by all means produce a list, but comment on each one as to its relative risks and therefore if the tax saving is going to be wiped out by failure of the underlying vehicle

you are the only one comparing. request was to list, not to rank or compare. you do realise isa can also be s&s and you can easily gamble that away. there is risk in share matching plans. and so on.

your comment on risk is noted. now, any contributions to the list?

somethingcorporate

pavane wrote: »

was that not the request?

Yes, but the request was that the OP put some effort in to consolidate the information, otherwise who else should do it?