Income split to save tax
“We must do the best we can with what we have.” – E.R. Sill
Our progressive tax system means that the rate of tax you pay rises as your income does. By diverting income to people, or entities such as companies or trusts, that have a lower income than you do, you can ensure this income is taxed at a lower rate. Always take expert advice before you do it, as the penalties for getting it wrong are high.