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    Income tax - Computation - Taxable income - Allowances - Personal allowance - Basic allowance - 36340

    All individuals are entitled to a basic personal allowance, which is set at £12,500 for 2020/21 (2019/20: £12,500). The personal allowance is gradually reduced to nil for those with adjusted...

    Tax avoidance scheme using children

    A recent case involved a couple that set up a scheme to shift income to their children. The Special Commissioner’s decision raised some interesting tax planning points. What’s the full story?

    Children’s tax allowances

    Like adults, children have an annual tax allowance, currently £6,035. But most children won’t use all of this, so can parents transfer some of their savings into their child’s bank account...

    A trust for school fees

    One of the problems with paying school fees or any other costs of bringing up children is that it all comes out of taxed income. However, there is a way to pay these and get some tax back. What’s involved?

    Trusty grandparents

    One of the problems with paying school fees, or any other costs of bringing up children, is that it all comes out of taxed income. However, there is a way to pay these and get some tax back....