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Reduce tax for pensioner?
C_Mababejive
Posts: 11,668 Forumite
If a retired individual has income that all falls within the 20% bracket and consists of state pension and occupational pension, is there anything they can do to cut their tax? Thanks
Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..
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Comments
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How old is this person?
Are they make or female?
Are they married?
If so how old is their spouse?0 -
fem/not married/mid 60sFeudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..0
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Shame, that rules out Married Couple's Allowance.
One thing that is mentioned regularly on here is Venture Capital Trusts (and Enterprise Investment Scheme).
These can generate a tax credit to reduce someone's overall tax liability but it isn't something to get into lightly and they would have to understand the potential risks (loss of capital).
It would probably be letting the tax concern rule the sensible investment choices.0 -
yes for that level of income it would be too risky. I dont see any easy optionsFeudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..0
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Better to focus on making profitable investments. If as a consequence you pay tax so be it.0
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It may be possible to defer an existing State Pension in payment.
But again that seems a potentially drastic step simply to reduce tax. And may actually just defer it to a later date.0 -
I've been asking a similar question recently, here and elsewhere, and getting similar advice.C_Mababejive wrote: »yes for that level of income it would be too risky. I dont see any easy options0 -
OP's thread of a few days ago actually has much of the same advice, albeit presumably for a different individual: https://forums.moneysavingexpert.com/discussion/comment/75635532#Comment_756355320
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