Tax planning services

We can help to make sure you gain the full benefits of your hard-earned assets, with tax and inheritance tax planning that will leave you and your family with more to enjoy throughout your lifetime.

The UK tax system is particularly complex and navigating it to make sure your finances are tax-efficient can be a difficult task.

The more tax you pay, the harder your investments need to work to achieve your financial objectives. And money being passed to the next generation can quickly become eroded by tax, if it is not structured in the right way. 

Tax planning services: For the challenges you face


How can I minimise the impact of income tax?


What personal pensions tax can I expect to pay?


How does Capital Gains Tax (CGT) impact me?


How can I help my family with inheritance tax planning?

Tax planning services: How Morrinson Wealth can help

Tax planning

Income Tax

Dividend and savings income

Personal pensions

Capital Gains Tax

Inheritance Tax planning

Take accountancy advice

Navigate the tricky waters of tax, with the help of our financial advisers. They can help your wealth work harder for you, allowing you to focus on the important moments in life.

With guidance and support for tax planning, we can also help you use current allowances to make the most of your hard-earned money.


Overcoming the 60% tax trap

Individuals earning between £100,00 and £125,140 with a restricted personal allowance are subject to the 60% tax trap. For every £100 of income between these figures, you will only receive £40 in the bank since £40 is paid in income tax and £20 is lost due to the fall in the personal allowance – effectively making your tax rate shoot up to a staggering 60% or more.

Learn more about the 60% tax trap

The personal allowance – the amount that you can earn before you start paying Income Tax – is £12,570. The higher rate threshold, at which you pay 40% Income Tax, is £37,700 of taxable income, or £50,270 of gross income. And the additional rate threshold, at which you pay 45% Income Tax is £125,140. Rates have been frozen until 2026/27.

Through the Personal Savings Allowance, basic rate taxpayers can earn £1,000 of interest on savings before paying tax. Those paying tax at the higher rate can earn a £500 allowance. There is no allowance if you are an additional rate tax payer. The Dividend Allowance is £1,000, half of what it was in the 2022/2023 tax year.

Pension contributions may benefit from tax relief but there are limits on the amount of tax relief available. Your financial adviser can help you with this. As a guide though – most people can get tax relief on pension contributions worth up to £60,000 per tax year (or 100% of relevant earnings, if less). The annual allowance tapers down for those with an adjusted income above £260,000 and threshold income in excess of £200,000. The minimum that the annual allowance can taper down to is £10,000.

Capital Gains Tax (CGT) is a tax on the profit when you sell something that has increased in value. CGT applies only to the gain you make, not the amount you receive for the asset. Gains from most personal possessions can be liable to CGT. The annual exempt amount for individuals is £6,000 and reducing to £3,000 for the next tax year 2024/25. Effective and repeated use of your CGT annual exempt amount enables the transfer of assets into ISAs or pensions to provide a shelter from any future tax liability on income or gains.

All of your wealth, including your family home, investments, life assurance plans not in Trust and even old family heirlooms will be included in your estate. An estate will be subject to Inheritance Tax (IHT) if, on death, it exceeds the individual nil-rate band which currently stands at £325,000 or the residence nil-rate band (RNRB) of £175,000. To calculate IHT count up the value of all the assets remaining on death, subtract the nil-rate band remaining and what is left is taxed at 40%.

Getting your tax right has never been more important. Penalties are growing and HMRC is cracking down. An accountant can make sure your tax affairs are legal and accurate, down to the last detail.*


*Accountancy Services would be way of a referral, as these services are separate and distinct to St. James’s Place.

The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select, and the value can therefore go down as well as up. You may get back less than you invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.

Contact us for tax planning services today

Book a call with one of our experts today and take the first step towards establishing and achieving your financial goals.