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Investment Times

End of tax year checklist

24 February 2015 | A A A
End of tax year checklist

No recommendation

No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.

Please note tax rules can change and the benefits of tax shelters depend on individual circumstances.

  • Open your ISA

You can shelter up to £15,000 this tax year (the tax year runs from 6 April to 5 April) and split the contribution however you choose between a Cash ISA and Stocks & Shares ISA. Investments in an ISA are protected from any further income tax and there is no tax on any capital gains. Remember, if you do not use your ISA allowance by 5 April, it will be lost forever.

Apply for an ISA online, by telephone, or by post

  • Use your pension allowance

No recommendation

No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.

Pension changes coming into effect on 6 April make them more attractive than ever to most investors. Almost anyone under 75 can contribute to a pension and receive income tax relief (up to 45%). Even non-taxpayers and children can add up to £2,880 to a pension and automatically receive £720 in tax relief.

Further information on Self Invested Personal Pensions (SIPPs)

  • Open a Junior ISA

The Junior ISA allowance this tax year is £4,000, and the tax benefits are similar to adult ISAs.

Further information on Junior ISAs

  • Use your capital gains tax allowance

This tax year, you can realise gains of up to £11,000 without paying tax. So, if you haven’t yet used it and are holding shares or funds outside a tax wrapper (such as an ISA or SIPP) that are showing a gain, you could consider selling them and using the proceeds to fund your ISA or SIPP. Doing so could reduce the amount of tax you pay in future, by crystallising any gain within your allowance, and using the tax shelters of ISAs and SIPPs.

Further information on Bed & ISAs and Bed & SIPPs

  • Consider VCTs

VCTs are sophisticated, long-term investments offering the chance to invest in small, fast growing UK companies. In return for the extra risk, individuals receive a tax rebate of up to 30%.

Further information on VCTs

  • Reduce your inheritance tax liability

You can gift up to £3,000 from capital each tax year, which will be exempt from inheritance tax. This is known as the ‘annual exemption’. Additionally, you can also carry forward any unused amount from the previous tax year. This means a married couple could gift up to £12,000 (£6,000 each) before 5 April. Larger gifts over £3,000 are normally tax-free providing the individual making the donation survives a further seven years.

Further information on tax rates, allowances and bands

  • Full financial review

If you need some help to make the most of all your tax shelters and allowances, we have a team of Financial Advisers around the country who can assist you with all aspects of financial planning.

Further information on our advisory services

  • Simplify your life

Making best use of any tax shelters and allowances is far simpler if your investments are all held in one place.

Further information on transferring into the Vantage service

The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.