Tax planning reminder

Ensure that you do not miss out on using valuable tax allowances and exemptions available before 5 April.

Your account executive can help you ensure appropriate opportunities to invest tax-efficiently are maximised. As of April 2017, the annual ISA limit will be increased to £20,000, meaning the ISA allowance has almost doubled in the last decade. The current year’s allowance of £15,240 will be lost unless you invest before the end of the tax year.

Another tax efficient investment can be a pension, but there is ongoing speculation over possible further changes to the pensions regulations. If you are planning for your retirement you should consider taking advantage of higher rates of tax relief on pension contributions while they are still available.

For individuals looking to help other generations of their family, the end of the tax year also presents the last opportunity to make use of valuable gifting exemptions. There is still time to invest up to £4,080 per child in a Junior ISA, providing them with a savings pot for their future.