From Longman Dictionary of Contemporary Englishtax shelterˈtax ˌshelter noun [countable] PETa plan or method that allows you to legally avoid paying tax
Examples from the Corpus
tax shelter• The tax breaks which used to make mortgages an attractive tax shelter, such as Miras, are now long gone.From Longman Business Dictionarytax shelterˈtax ˌshelter noun [countable]TAXACCOUNTING a plan or arrangement that allows you to legally avoid paying taxMany investors used annuities as a tax shelter rather than as a retirement savings program. —tax-sheltered adjectivetaxpayers with significant tax-sheltered income 