Financial Services > Tax Planning > Income Tax


The British government is entitled to a proportion of almost all of the income belonging to British citizens. Each year the rules are changed by the government in line with its own Budget and so it is important to consider how you organise your own affairs every year to keep the burden of Income Tax to a minimum.


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This can range from simple concepts like making certain the correct allowances have been made in your tax code, but may also stretch to the redistribution of savings, investments or income amongst other members of your family to ensure the greatest collective advantage is gained from the exemptions and allowances permitted by Her Majesty's Revenue & Customs.

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Within the UK there are several different types of investment that escape all liabilities for Income Tax, and so these are naturally attractive for many people.

It is important to remember, that even if assets or investments are held outside the UK, income arising from those sources should still be disclosed to Her Majesty's Revenue & Customs because they are also subject to Income Tax.


In the past many people assumed that overseas assets were beyond the reach of the UK tax authority and that they could therefore be "forgotten" as far as Income Tax was concerned. Changes made to the international banking and tax practices in an attempt to catch international criminals in the process of money laundering have now made certain that all but five countries in the world report all interest or dividend earned by "overseas" investors every year to the tax authorities handling the domestic affairs of the owner.

These returns are made automatically and are studied carefully by the UK authorities to make sure that a full declaration has been made by the UK citizen. If you volunteer the fact that you may have overlooked something overseas it is unlikely to be penalised by Her Majesty's Revenue & Customs, but they do not take such a generous view if it is them who discover the error.

This is an area that Corrigans can really help you with - the minimisation of the burden of tax.