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Tax reduction beyond pension contributions. What else is available?
Janin1992
Posts: 31 Forumite
I've maximised my pension contributions this year, reaching the £60K
limit through salary sacrifice, and have exhausted my allowances from
previous years. Even after sacrificing £60K from my salary, I still have
slightly over £100K remaining in income for the year. Are there any other
avenues available to minimise tax liabilities? I recall reading
about high-risk investment schemes that could potentially be utilised
for tax reduction purposes.
0
Comments
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VCT or EIS relief. These don't change your income but do allow a credit against your tax liability. But they are definitely at the higher risk end of the spectrum.
A more mainstream option is charitable giving using the Gift Aid scheme.
Or earning less.1 -
Thank you. Could you kindly recommend any reputable platforms through which I can purchase these investments?
I wonder if it is too late to buy them to offset income tax for the 2023/2024 year?
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