Tax Planning Strategies for High Income Earners

Reduce the impact of additional tax burdens

In this guide:

  • How to reduce the tax burden on your salary? - This guide contains a multitude of key financial planning tips to help you make your personal tax situation as efficient as possible.
  • Maximising available allowances – Careful consideration of the split of assets between spouses can have a significant beneficial impact on a couple’s income tax burden.
  • Pension planning – Pensions continue to offer significant tax benefits that should not be ignored.

Tax Planning Strategies for High Income Earners

Please note that the Financial Conduct Authority (FCA) does not regulate cash flow planning, estate planning, tax or trust advice.

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From this guide:

If you are a taxpayer living in England or Wales, you will pay 40% income tax for an income of over £50,270 (assuming a full personal allowance is available).

Scottish taxpayers will continue to be subject to income tax at 5 different rates, ranging from 19% (Starter Rate) to 47% (Top Rate) for any income in excess of £125,140.

Regardless of whether you are an English, Welsh or Scottish taxpayer, if you claim child benefit and have an income of over £50,000, you will feel the impact of taxation even more keenly.

Taxpayers in England and Wales with a total income above £125,140 will pay the additional rate of 45%.

As tax allowances are progressively withdrawn on any income over £100,000, there is also a marginal effective rate of c.60% that applies to any income between £100,000 and £125,140 regardless of where you reside in the UK.

This increased tax burden for high earners is a deliberate policy by the Government, which stated: “As a clear result of the government’s reforms to tax, welfare and public spending across this parliament, the richest households will make the biggest contribution to reducing the deficit, both in cash terms, and as a proportion of their income.”

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Kirsty Stone

Partner - Chartered Financial Planner, APFS

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Kirsty is a Chartered Financial Planner and expert in cash flow forecasting and advises in all aspects of financial and strategic planning

Julian Frere

Partner - Chartered Financial Planner, APFS

Rated 4.8 out of 5

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Julian advises on pension reviews, retirement planning, investment management, tax efficient structuring, life insurance and succession planning.

Susan Tait

Partner - Chartered Financial Planner, APFS

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Susan has a broad range of experiences dealing with high net worth clients who pose complex financial circumstances.