Are you reducing your income tax liability by utilising Venture Capital Trusts (VCTs), Film Partnerships and other pension alternatives?

On November 13th 1789 Benjamin Franklin wrote the immortal words “…in this world nothing can be said to be certain, except death and taxes”.

Whilst this statement remains true to this day and people appreciate the necessity to pay taxes, they often do not agree with the taxation structure, resulting in an individual feeling as though they are being taxed too harshly.

We have an array of products which operate with tax breaks provided by the Government (such as in relation to British Films or Renewable Energy) which allow an individual (and sometimes a Company) to defer, mitigate or even negate tax liabilities, not only in respect of the current tax year but also in relation to a number of previous tax years.

Areas often covered by individuals are Individual Savings Accounts (ISAs) where advice is readily available on the high street and pensions which are often provided through an individual’s employer. Cavanagh Group is able to help individuals by determining an efficient strategy. Below are some of the areas where we can help:-

• Capital Gains Tax allowances - Structuring asset ownership to maximise benefit from annual allowances
• Venture Capital Trusts - Income Tax Relief and Capital Gains deferral available
• Enterprise Investment Schemes - Income Tax and Capital Gains Tax taper relief available.
• Potential 100% exemption from Inheritance Tax
• Film Partnerships - Provide a means of sheltering income and capital gains from tax
• Corporate Venturing Schemes - Provides investment relief against Corporation Tax

Cavanagh Group is a trading name of Cavanagh Financial Management Limited which is authorised and regulated by The Financial Services Authority. The FSA does not regulate Taxation and Trust Advice. The FSA states that unregulated collective investments, such as VCT’s, are generally only suited to experienced investors and/or individuals who have participated in the same scheme or one substantially similar within the last 30 months.