It’s that time of year again – consider your end of tax year planning

With the end of the tax year fast approaching it’s time to look at your finances and understand the actions you could take to maximise your tax-efficient allowances ahead of the new financial year, which starts on 6 April 2024.

You’ve still got time – but don’t leave it to the last minute! We’ll also be keeping a close eye on any announcements made in the Spring Budget, so it’s going to be a busy time.



Consider contributing more into your pension and using up unused allowances from the previous three years. The Annual Allowance is £60,000 gross (including all contributions and tax relief).

The Lifetime Allowance on pensions is £1,073,100 but it is being removed from 6 April 2024.

If you have children under 18, a spouse who does not work, or who isn’t earning enough to pay Income Tax, you can invest into a pension for each of them. The maximum annual contribution you can currently make is £2,880 which, with tax relief, amounts to £3,600 a year.


Individual Savings Accounts (ISAs) and Junior ISAs

Don’t overlook your ISA and JISA allowances (£20,000 and £9,000 respectively for 2023/24).

Inheritance Tax (IHT)

The sums you can gift for IHT purposes are small, but consider using the these exemptions where possible (gifts worth up to £3,000 in each tax year are exempt from IHT on death). Certain gifts don’t use up this annual exemption but incur no IHT. 


Capital Gains Tax (CGT)

If you have assets to dispose of or transfer, act now to ensure you take full advantage of this year’s CGT exemption. The annual CGT exemption is currently £6,000 but falls to £3,000 in April 2024.


Using your Dividend Allowance

For the current tax year, you can earn up to £1,000 in dividend income tax-free, but this reduces from £1,000 to £500 from 6 April 2024.


VCTs and EISs

Venture Capital Trusts (VCTs) and Enterprise Investment Schemes (EISs) offer many attractive tax benefits to experienced investors.


Take sensible steps

Sensible tax planning can help to reduce the amount of tax you pay and safeguard your wealth for the future. We can help – please get in touch.


Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from taxation, are subject to change. The Financial Conduct Authority does not regulate tax planning. The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.