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Pay No TaxIs this possible? Well surprisingly yes it is. Here are some real examples and they are all legal. A self employed professional earns £100,000 a year, works and resides in the UK and in 2007/08 paid no income tax at all. A lorry driver who has his own business earns £50,000 a year, buys a new lorry in 2008/09 and will then be able to claim tax credits of almost £20,000 (that is real money coming back). A couple who own a business decide to retire and sell the business for over £1million and pay no capital gains tax at all in the 2008/09 tax year. A very successful business owner who has accumulated assets of over £10million decides to organise his financial affairs to minimise Inheritance Tax so that on death his estate will pay no Inheritance Tax at all. All of these examples are real and achievable but require planning in advance. |
