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Personal Finance Society
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Budget 2014

Topical Financial Planning Opportunities

This case study highlights topical areas of current financial planning and take due account of any changes/opportunities that arose out of the Chancellor's proposals in his 2014 Budget.

In particular the following issues were addressed:

  • An analysis of the pros/cons of drawing income by way of dividend or salary for a director of a private limited company
  • Should cash be taken out of the private limited company or invested inside the company pending later sale?
  • Maximising the benefits of independent taxation for a married couple with varying income levels including
    - the transfer of shares in the private limited company
    - the transfer of investments
  • Looking at ways of reinstating the personal allowance for taxpayers with income in excess of £100,000
  • The maximisation of contributions to registered pension schemes in light of the reductions to the annual allowance/lifetime allowance
  • Which is best - employer or employee contributions?
  • An understanding of entrepreneurs' relief
  • A tax comparison between EIS and VCT
  • A legal and tax comparison of making cash gifts to children - outright or via trusts
  • Outline IHT planning - including the use of inheritance trust arrangements and generation skipping techniques
  • Child Trust Funds - back in business following recent announcements?

Paul Duckworth

Part 1

Part 2