The following is a list of good practices within the area of tax planning:
Use all exemptions – for example the CGT and IHT annual exemptions - don't forget 'use it or lose it'.
Make sure that all reliefs are claimed – capital losses can be offset to reduce taxable gains.
Consider using savings vehicles exempt from income tax and CGT – ISAs are one option, pensions another.
Make sure to declare income, gains and lifetime gifts (in the case of IHT) to HMRC
Follow the changes in tax law as today's tax law will change over time and that they should therefore review their arrangements periodically.
Avoid complicated and inflexible arrangements
Make sure that you keep up with the constantly changing rules
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Levels and bases of, and reliefs from, taxation are subject to change
