Tax Year-End Planning Guide

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As the current tax year winds down, it’s crucial to leverage the tax reliefs and allowances available to you. To help you navigate this, we’ve compiled a checklist to ensure you fully utilise these benefits and avoid missing out.

  1. Maximise Your ISA Contributions
    1. For the 2023/2024 tax year, you have a £20,000 ISA allowance. This can be allocated between a Cash ISA and a Stocks and Shares ISA according to your preference.
  • Leverage Your Pension Allowance
    • Individuals under 75 can contribute to their pension and receive up to 45% in income tax relief. The maximum contribution is either your annual salary or £60,000, whichever is lower, with a minimum of £3,600.
  • Assess Your State Pension Contributions
    • Your State Pension amount is determined by your National Insurance contribution history. Review these contributions to see if additional payments could enhance your pension.
  • Invest in a Junior ISA
    • Up to £9,000 can be deposited into a Junior ISA for the 2023/2024 tax year, available until the child reaches 18. Options include both Cash and Stocks & Shares ISAs.
  • Understand the Capital Gains Tax Allowance
    • The capital gains tax allowance is set at £6,000 for the 2023/2024 tax year. Any gains above this threshold are subject to tax at your marginal rate.
  • Balance Capital Gains and Losses
    • Offset any capital gains against losses within the same tax year to minimise your capital gains tax (CGT) liability, potentially reducing taxable gains to zero.
  • Explore VCTs and EISs
    • Venture Capital Trusts (VCTs) and Enterprise Investment Schemes (EISs) offer investment opportunities in small, rapidly growing UK businesses with up to 30% tax relief, acknowledging the higher risk involved. Remember, these are high-risk investments with less liquidity and potential for loss.
  • Mitigate Inheritance Tax
    • Utilise the £3,000 annual gifting allowance to reduce your inheritance tax liability. Any unused allowance can be carried forward once. Larger gifts are classified as Potentially Exempt Transfers (PET) and are exempt from inheritance tax if you survive for seven years after making the gift.
  • Early planning empowers you to make informed decisions that can positively impact your and your family’s financial well-being throughout the year.

An ISA is a medium to long term investment, which aims to increase the value of the money you invest for growth or income or both. The value of your investments and any income from them can fall as well as rise. You may not get back the amount you invested.

HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.

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