The Wealth Room


How to maximise tax benefits before the end of the tax year

Every year at around this time – ahead of the end of the tax year in February – we remind investors to think about taking advantage of some of the incentives the government has put in place to encourage us to save. Pretty much getting a discount of up to 27.5% on your taxes.  The government offers incentives to save for your retirement in an official retirement saving product, such as a retirement annuity (RA). In return for putting your money away for the long term, you can invest in an RA and deduct the amount from your taxable income. In addition, while you are invested in an RA growth is free of dividends tax, income tax on interest and capital gains tax. In March 2016, the amount you can contribute to your retirement funds tax-free was increased to 27.5% of taxable income o

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