It’s January and you may have just had the pleasure of paying your tax bill… but have you made use of the tax planning opportunities available to you before the end of the tax year?

 

  • Are you making the most of the different types of ISAs available to you and your family?

 

  • Are you making use of the annual Capital Gains Tax allowance and realising gains or losses on your investments/property?

 

  • Are you making the most of your annual pension allowance, the carry forward of unused allowances and the tax relief available on pension contributions?

 

  • Have you made any gifts to charity which can reduce your tax liability?

 

  • Have you used your annual gift exemptions, which can reduce the taxable value of your estate for inheritance tax?

 

  • Have you considered making a tax efficient investment (VCT, EIS, SEIS) where income tax relief is available which will reduce your tax liability?

 

As we hurtle towards the end of the tax year, now is a great time to stop and work out which reliefs and allowances may be relevant to you. Please get in touch with our wealth team for more guidance.

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.

 Tax reliefs are dependent on individual circumstances. The Financial Conduct Authority does not regulate tax advice.