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Wealth accumulation succumbs to tax


Throughout our lives we’ll save for one thing or another; it could be self-serving lifestyle enhancement or selfless investment in future schooling opportunities for our children. Savers and investors specifically interested in wealth accumulation will know exactly what their main source of motivation is, but something that’s often overlooked is the importance of accounting for tax.

Whether optimising the overseas retirement you’ve always dreamt of or a final legacy for your heirs, protecting assets and growing investments can be simplified when tax planning is prioritised. The returns generated by your preferred investment vehicle are obviously important, but it’s just as important to keep the taxman’s hands off your hard-earned funds at every given opportunity.

More than a quarter of all British savings and investment-sourced account balances are subjected to unnecessarily high levels of HMRC (HM Revenue & Customs) deduction. By failing to seek out and pay for the expert advice of an independent financial advisor, over 26% of savers (14m of 58.8m adults) needlessly surrender a large percentage of their funds. So, which investment options are open to British investors?

Beyond commonplace high street products such as the NISA (£15,000 annual allowance), which will be available from July 1st, established, tax-effective alternatives that can actually outperform the new ISAs are readily available. They’re globally portable, entirely flexible and because of their multi-currency capabilities, personal, professional asset management has never been simpler.

The ability to use cash, shares or stock to bolster your bank balance is hugely beneficial of course, but an array of lesser known products that are HMRC-approved can also eliminate everyday issues such as exchange rates, currency fluctuation and so much more for savers. So your wealth accumulation doesn’t succumb to tax, why not learn how to make your money perform to its full potential by arranging a non-obligatory financial review today?

By David Robinson
Expats Village

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