Taxation can be a complex area.
As your circumstances change, your personal tax situation may also change and it's important to regularly check where tax savings could be made.
Tax planning may involve some of the following:
- Using all your income tax allowances each year
- Transferring assets between you and your spouse to reduce your income tax liability (particularly where one spouse is a higher rate tax payer)
- Using tax free investments such as Individual Savings Accounts (ISAs) if appropriate to your circumstances
Any queries about your personal tax situation should be addressed to your tax office. Details of the tax office for your Local Government Pension Scheme (LGPS) pension are shown on your last pension payslip.
For more details about tax, see our 'Tax controls on pension savings' factsheet.
The Gov.uk and Money Advice Service websites have lots of useful information you can access such as:
- Details of your entitlement under tax regulations
- Income tax
- Age related personal allowance
- Personal taxation
- Tax returns
- Capital gains tax
- Inheritance tax
- Married couple's allowance (if either you or your partner were born before 6 April 1935)
Visit the www.gov.uk website.
Visit the Money Advice Service website.