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The Financial Times Guide to Wealth Management, 2nd Edition by Jason Butler

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CHAPTER 16

MINIMISING PORTFOLIO TAXATION

‘An income tax form is like a laundry list – either way you lose your shirt.’

Fred Allen, American comedian

If your investment capital is not held in a tax-free or tax-deferred account such as an individual savings account (ISA), self-invested personal pension (SIPP), small self-administered scheme (SSAS) or offshore portfolio bond (OPB), then tax will be due on interest, dividends and capital gains to the extent that they exceed your individual personal allowance and gains exemption.

To determine whether total capital gains are taxable you need to first deduct all capital losses arising within the same tax year. Net capital gains in excess of the annual exemption can also be reduced by offsetting ...

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