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Saving Tax by Investing

What you need to know to save tax by investing your money.

Last updated: 06 November 2023


If you have earnings from self employment (or employment, if you do not contribute to a company scheme), you can use that income to make provision for your retirement. Within certain limits, you will get full tax relief on your payments, which compares very favourably with other financial products where you get no tax relief. However, you will have to wait until you are at least 55 to get at the money. Nevertheless, this is an effective and tax efficient way of saving tax, particularly if you are paying tax at the higher rates. Even without earnings, it's possible to contribute to a pension.

We've developed a high-level guidance on pensions for musicians. The MU has also its own MU Pension Scheme with participating employers.

If you wish to make a pension contribution, you should seek advice from an accountant, tax adviser or Independent Financial Adviser (IFA).

Other tax efficient investments

There are other tax efficient investments, such as Individual Savings Accounts (ISAs) and Insurance Bonds. For more information on these, contact an IFA.