End of Year Tax Planning

It is not too late to take tax advantage of this year key tax opportunities:

1 Use your ISA allowance, it is still £20,000 each per year and don’t forget that you can add £9,000 to a child’s or grandchild’s Junior ISA.

2 Make use of this year maximum pension contribution allowances. You maybe able to use allowances from the last 3 years.

3 Take advantage of the annual Capital Gains Tax exemptions. After April this drops from £12,300 to £6,000.

4 If you have a potential IHT liability you can make a gift of upto £3,000.

5 If you own a business you can have a dividend of £2,000 this year and not pay any tax. This is reducing to £1,000 from April.