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Comprehensive wealth management and financial advisory services, for British citizens and others currently working or residing in the UK.

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Reduce your tax bill with a Retirement Annuity and save for the future
This applies to anyone paying tax to the SA Revenue Service (SARS) regardless of whether you already have an RA and just want to top it up, acquire an additional one or are investing in one for the first time. But to utilise the generous saving on your current 2018/2019 tax liability, you must do so before the end of the tax year on 28 February. The tax benefit on your ongoing contributions to an RA will continue for each year thereafter, with more benefits after your retirement.
“Not only is an RA an excellent financial planning and saving tool, it is also very tax-efficient. While tax regimes everywhere are making us pay more and more taxes, this is one of the few exceptions where government is actually encouraging us to pay less tax so that we can save for the future. It is also flexible and can be tailored to suit your specific requirements and financial capability,” says Paul de Waal, Director: Wealth Management and Advisory of Cape Town-based wealth management firm Carrick Wealth.
Tax, savings and other benefits
The many benefits of saving with an RA include the following:
Immediate 2018/2019 tax saving
Although RAs offer tax benefits over their full term, you can reap substantial tax savings right now by increasing your contributions to your existing RA or acquiring a new RA before 28 February. And you don’t have to do this in monthly payments spread over the year to qualify. You can decide, for instance, a month before the end of the tax year to top up your RA with as much as you want or make a lump-sum investment in a new RA and claim the full allowable deduction for the entire tax year. And, if you exceed the limit of 27.5% of your income that you may invest tax-free in an RA, SARS will not penalise you.
So, to utilise the excellent saving and tax benefits of an RA, act now before 28 February. For assistance or more information, you can contact Carrick at wealthmanagement@carrick-wealth.com.
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