With tax year end just around the corner, it’s time to check you are making the most of your tax reliefs and allowances to save for a brighter future. You may want to consider:

Pension saving to maximise tax relief

  • Additional and higher rate taxpayers may wish to contribute an amount to maximise tax relief at 40%, 45% or even 60% (where personal allowance is reinstated) while they have the opportunity.
  • Those with sufficient earnings can use carry forward to make contributions in excess of the current annual allowance. Remember this is the last chance to benefit from the potential double annual allowance for 2015/16 before it drops off the carry forward radar: it’s a case of “use it don’t lose it” before tax year end.
  • And it’s not just about individuals! For couples, consider maximising tax relief at higher rates for both, before paying contributions that will only secure basic rate relief. You may not know you can top-up pensions for your partners – and not just by £3,600, but up to your partner’s earnings. And your partner can get tax relief on top.

Key information

  • Total taxable income.
  • Relevant UK Earnings – e.g. earnings from employment or trade only.
  • Pension annual allowance available from current year and previous 3 years (especially 2015/16).

 Please be aware that the value of investments and the income derived from them can fall as well as rise and you may not get back what you invest. The Financial Conduct Authority does not regulate tax advice.


Effective tax planning is a year round job. It’s only at the end of the tax year that you have all the pieces to complete the planning jigsaw, but there are steps you can take now to get ahead of the game and give yourself time to put plans in place. And with less than 7 weeks until 6 April, there’s no time like the present to get started.