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According to unbiased.co.uk British taxpayers will waste over £10bn in unnecessary tax in 2009. With the end of the tax year nigh, time is rapidly running out if you want to curb your tax bill and maximise allowances.
So what should you be doing if you want to take advantage of tax regulations and save a few bob?
Venture Capital Trusts (or VCTs as they are known) are one of the least understood investment products in the market. Yet, for the right investor, they are also one of the most attractive, combining the potential for good returns with substantial tax advantages. Today’s article gives an overview of this important investment vehicle.
(Trusts are not regulated by the FCA. The value of the investment can go down as well as up and you may not get back as much as you put in. Taxation: Level and bases of, and reliefs from, taxation are those currently applying but are subject to change and their value depends on the individual circumstances of the investor).
VCTs were introduced in 1995 to encourage individual investors to invest in UK smaller companies. The Government achieved this by offering investors in VCTs a series of very attractive tax benefits. As a result more than £3.2 billion has been invested in VCTs between 1995 and 2007.
Here are some key points and how to get 30% tax relief from the Government to prime your investment pump too…
Here is an interview William gave on BBC Radio Scotland where he spoke with Fred MacAulay and Karen McKenzie about Cash and Investment ISA's
Listen to the BBC show here
