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Taxpayers may wish to consider basic tax planning arrangements in order to reduce the overall income tax burden across a family by ensuring allowances and lower rate tax bands are used. This type of tax planning is often considered at the end of the tax year in preparation for the next year.

This guidance note first examines the various income tax allowances and lower rate bands that should be considered and then various strategies that might be appropriate, depending on the family circumstances. It also looks at the relevant anti-avoidance provisions and actions to consider before the end of the tax year.

For other commentary that is relevant to year end tax planning, see the:

1. •

   Tax efficient investments and pension planning and Deferral of capital gains via reinvestment guidance notes, which consider investments that provide the taxpayer with relief from one or more taxes for the current tax year, or are exempt from income tax and / or capital gains tax

2. •

   Utilising the capital gains tax annual exemption guidance note, which considers how