How to Protect Your Child Benefit
Child benefit is an extremely valuable tax-free gift from the Government to parents. The payments continue for up to 20 years, which means you could receive around £35,000 tax free if you have two children.
Unfortunately, child benefit is withdrawn if either parent has income over £50,000. The parent with the highest income is forced to pay a new tax called the High Income Child Benefit Charge.
This guide explains how the tax works and how you can protect your child benefit by:
- Making pension contributions
- Transferring income to your spouse/partner
- Claiming more tax reliefs
- Shifting income and expenses into another tax year
- Reshaping income so it falls outside the net
How to Protect Your Child Benefit contains tax planning ideas for:
- Salary earners
- Landlords and property investors
- Company owners
- Sole traders and partnerships
What Information is Contained in the Guide?
Subjects covered include:
- How property investors can protect their child benefit by:
- Shifting income to their partners (even if their partner is a higher-rate taxpayer)
- Claiming more tax deductible expenses
- Using a company
- Converting taxable income into capital gains
- How those affected by the child benefit charge can enjoy exceptionally high tax relief by making pension contributions.
- How one taxpayer is able to make a pension contribution of £11,380 at a personal cost of just £3,325, with the remaining £8,055 coming from the taxman.
- How to use gifts from grandparents to avoid the child benefit charge and increase family retirement savings by 47%.
- Tax saving strategies for salary earners, including:
- Salary sacrifice arrangements
- Deferring bonuses
- Reducing working hours
- How one mother is able to spend two extra weeks with her children and is still better off financially.
- How company owners can avoid the child benefit charge with “rollercoaster income”: taking bigger dividends in some tax years and smaller dividends in other tax years.
- How company owners can avoid the child benefit charge by gifting shares to their spouse/partner (even if their spouse/partner is a higher-rate taxpayer).
- How the self-employed can avoid the child benefit charge by:
- Postponing or accelerating tax deductible expenses
- Employing children and paying them tax free salaries
- Starting a company
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