In many ways one of the simplest ways to reduce tax is to hold assets and split income with your spouse and children/grandchildren.
However, whilst there are numerous tax benefits available there are also some nasty traps for the poorly advised.
In this book we look at exactly when and how you can shelter assets from income tax, capital gains tax and inheritance tax including planning with other family members.
Topics covered include:
When and how to transfer investment income to your spouse to reduce tax When and how to transfer investment income to children to reduce tax How your spouse can help reduce CGT How your children can help reduce your CGT liability Employing a spouse in your company Tax planning when your children turn 18 Income and property tax planning when your children live with you Buying property tax efficiently whilst your children are studying Investing tax efficiently for your children Helping your children to buy their first property tax efficiently Transferring shares to the next generation and avoiding capital gains tax and inheritance tax Tax implications of letting family live in your property Inheritance tax planning for the family home Using a property trust to protect wealth and minimise taxes Offshore trusts for grandchildren to avoid UK income tax and CGT How to claim PPR relief on property occupied by a relative

What you need to know about the IHT rules governing deductions of debts and liabilities from friends and family Avoiding the 28% rate of CGT with joint ownership Reducing CGT when transferring property to children (including an example of how to save 24,640 in CGT) Can Non Doms still remit cash tax free by making gifts to family? Transferring assets to a child to avoid the 30,000/ 50,000 tax charge"