Flure Posted February 9, 2015 Share Posted February 9, 2015 No you, ya goat. The windfall man. Your post was ambiguous. Ya phanny! Quote Link to comment Share on other sites More sharing options...
Flora MaDonald Posted February 9, 2015 Share Posted February 9, 2015 Your post was ambiguous. Ya phanny! The clue in the op is £150k, which you widna get oot yer nest fir. Quote Link to comment Share on other sites More sharing options...
DaveyDenoon Posted February 9, 2015 Share Posted February 9, 2015 Buy a dog and then open a bank account in Switzerland in its name. Once this in place, become manager of Portsmouth FC and rake in as many backhanders from dodgy transfer deals as you can. Works better still if you can somehow link up with a dodgy Serbian. Follow this up by managing Spurs then finally by getting QPR relegated for added authenticity. A tried and tested sure fire way of avoiding any tax whatsoever. Quote Link to comment Share on other sites More sharing options...
Flure Posted February 9, 2015 Share Posted February 9, 2015 The clue in the op is £150k, which you widna get oot yer nest fir. Good point. Well made. Quote Link to comment Share on other sites More sharing options...
Parklife Posted February 10, 2015 Share Posted February 10, 2015 How about pay the tax you're due to pay? Crazy suggestion but it might just help society as a whole. Quote Link to comment Share on other sites More sharing options...
ShedTA Posted February 10, 2015 Share Posted February 10, 2015 Can you not "gift" some of it to family members. gifts i believe are tax free, certainly up to a certain amount. they cant then give it straight back to you but I am sure they may in the future want to "gift" you some money back...? That would only cover some of it however - i guess you just need to pay the tax on the rest. however number one piece of advise would really be to speak to a financial advisor / accountant. Quote Link to comment Share on other sites More sharing options...
biffer Posted February 10, 2015 Share Posted February 10, 2015 How about pay the tax you're due to pay? Crazy suggestion but it might just help society as a whole. Quote Link to comment Share on other sites More sharing options...
fishcumnock Posted February 10, 2015 Share Posted February 10, 2015 Speak to someone at hsbc ? Quote Link to comment Share on other sites More sharing options...
littleboyblue Posted February 10, 2015 Share Posted February 10, 2015 It sounds like this is a capital gain rather than income so as has already been said you are probably due to pay CGT at 18% (if you have any basic rate band left) and 28%. Read up on entrepreneurs' relief, which if applicable would mean just 10%. In terms of CGT mitigation, there is the option of investing in an EIS, which would also give income tax relief. It might simply defer the capital gain though, rather than avoid it. These are often high risk and illiquid so maybe not appropriate. Pension funding, where you have more control over the investment strategy could be attractive. The annual contribution limit is effectively £40,000 but carry forward rules could be used to exceed this. Combined with the pension freedom rules due in april this could legitimately save a fair bit of income tax, to offset your CGT liability. You would be tucking it away until age 55 at the earliest though, (not sure how that relates to you) and at present only 25% could be taken back out free of tax. In saying all that, as ever, don't take advice on the internet, talk to a qualified tax adviser. Quote Link to comment Share on other sites More sharing options...
littleboyblue Posted February 10, 2015 Share Posted February 10, 2015 Dividends attract 18% tax. Dividends attract 10% (at source), 32.5% or 37.5% income tax depending your marginal rate. Quote Link to comment Share on other sites More sharing options...
thplinth Posted February 10, 2015 Share Posted February 10, 2015 It is funny seeing some of the wee fandans on here go about people who own a second property like they are evil or those who try to minimize the tax the owe to the government. It is usually students or folk with nothing vested. Flash forward 30 years and the exact same self righteous prycks will be setting up complex multilayered tax shelters in the Caymans. Maybe some folk have a buy to let because they have no pension worth a . I certainly know folk like that. There seems to an almost anti wealth of any kind attitude. Well ok but that is chaos. And the rich own the guns. Suicide. Quote Link to comment Share on other sites More sharing options...
Barney Rubble Posted February 10, 2015 Share Posted February 10, 2015 Surprised all the IFAs on here have not mentioned the most obvious solution, which is pay off your mortgage in its entirety (assuming you have one of course). Quote Link to comment Share on other sites More sharing options...
littleboyblue Posted February 10, 2015 Share Posted February 10, 2015 Surprised all the IFAs on here have not mentioned the most obvious solution, which is pay off your mortgage in its entirety (assuming you have one of course). Possibly because he asked how to minimise tax, not how to spend the money. Quote Link to comment Share on other sites More sharing options...
Flure Posted February 10, 2015 Share Posted February 10, 2015 Dividends attract 10% (at source), 32.5% or 37.5% income tax depending your marginal rate. Thanks for clarifying that for me. Quote Link to comment Share on other sites More sharing options...
Barney Rubble Posted February 10, 2015 Share Posted February 10, 2015 (edited) Possibly because he asked how to minimise tax, not how to spend the money. Paying off your mortgage is a liability which is deductible for tax purposes. Gives me the chance to post this little gem: Edited February 10, 2015 by Barney Rubble Quote Link to comment Share on other sites More sharing options...
littleboyblue Posted February 10, 2015 Share Posted February 10, 2015 Paying off your mortgage is a liability which is deductible for tax purposes. Is it? A buy to let mortgage might afford you some tax relief on interest payments but not a capital repayment. A personal mortgage won't give either as far as i know. Quote Link to comment Share on other sites More sharing options...
Barney Rubble Posted February 10, 2015 Share Posted February 10, 2015 Is it? A buy to let mortgage might afford you some tax relief on interest payments but not a capital repayment. A personal mortgage won't give either as far as i know. Looks like you are 100% correct, so my sincerest apologies. Quote Link to comment Share on other sites More sharing options...
littleboyblue Posted February 10, 2015 Share Posted February 10, 2015 :-) i don't really think an apology is required, Barney. You did have me thinking for a second i had been doing something wrong though. Quote Link to comment Share on other sites More sharing options...
Buzz Posted February 10, 2015 Author Share Posted February 10, 2015 How about pay the tax you're due to pay? Crazy suggestion but it might just help society as a whole. I want to pay tax but pay as little as legally possible. I've a mortgage, no pension and have been in and out of work for the past 5 years. I have been very lucky with this business deal and need to capitalise on it for benefit of my family. Some interesting advice here- the money is coming about as a result of some consultancy advice I gave- that couldn't be classes as a Capital Gain could it? Quote Link to comment Share on other sites More sharing options...
Scouse Eddie Posted February 10, 2015 Share Posted February 10, 2015 I want to pay tax but pay as little as legally possible. I've a mortgage, no pension and have been in and out of work for the past 5 years. I have been very lucky with this business deal and need to capitalise on it for benefit of my family. Some interesting advice here- the money is coming about as a result of some consultancy advice I gave- that couldn't be classes as a Capital Gain could it? Buzz Send us a PM with your address on it, when you get the bunga put it under your floorboards, me and Kens diddymen will come along and get rid of it for you at no cost Quote Link to comment Share on other sites More sharing options...
dandydunn Posted February 10, 2015 Share Posted February 10, 2015 Forget everything said on here. Wait until we qualify for the euros,get it deposited to various european banks then go on an almighty bender. I'll join you,if you choose my advice. Quote Link to comment Share on other sites More sharing options...
littleboyblue Posted February 11, 2015 Share Posted February 11, 2015 Some interesting advice here- the money is coming about as a result of some consultancy advice I gave- that couldn't be classes as a Capital Gain could it? Ok, it does sound more like self employed earnings then. It initially sounded like you had invested some money in the said business deal. This is why you need to consult someone yourself. You will not get sound advice without someone knowing all the facts. Quote Link to comment Share on other sites More sharing options...
biffer Posted February 11, 2015 Share Posted February 11, 2015 I want to pay tax but pay as little as legally possible. I've a mortgage, no pension and have been in and out of work for the past 5 years. I have been very lucky with this business deal and need to capitalise on it for benefit of my family. Some interesting advice here- the money is coming about as a result of some consultancy advice I gave- that couldn't be classes as a Capital Gain could it? As above, it sounds like employed earnings, so you might be able to put the earnings into a small company as pay them to yourself as dividends - but as everyone is saying, you need to seek proper advice. Quote Link to comment Share on other sites More sharing options...
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