Four tips for end of year tax planning
8 Feb 17
As the UK approaches the end of another tax year, Tony Müdd, divisional director for development and technical consultancy at St James’s Place, talks through how to make the most of all the allowances and exemptions available.
Tax allowances and exemptions usually come with a deadline attached and as the end of the tax year on 5 April approaches, now would be a good moment to review your finances, says Müdd.
“Perhaps the most useful allowance is the Individual Savings Account (Isa), which allows investments to build up without any further tax to pay on income and capital gains. Everyone has their own allowance – £15,240 ($18,960, €17,719) in the current tax year – which means that couples can shelter £30,480 between them.
“There is also a Junior Isa annual allowance of £4,080 for children under the age of 18. The Isa allowance will rise to £20,000 from April, but any unused allowance from this tax year will be lost.”
Tags: St James's Place
