Tax efficient investments ahead of the tax year end

With the end of the tax year looming there is still time to save tax for 2018/19.

  • Make full use of your ISA allowance - ISAs can offer a useful tax free way to save, whether this is for your children's future, a first home or another purpose. Individuals may invest up to a limit of £20,000 for the 2018/19 tax year. Savers have until 5 April 2019 to make their 2018/19 ISA investment.

  • Pensions provide significant planning opportunities. The annual allowance (AA) which is the maximum you can contribute to a pension and still get tax relief, is generally £40,000. Exceeding this can result in an AA clawback charge. However, in many circumstances you may have unused AA from the three previous tax years which can be used in 2018/19, providing the means of making a significant contribution without incurring a charge. Please contact us for advice specific to your circumstances.

These are only a couple of options that you may wish to consider as part of your tax planning strategy. Contact us for more information.

Internet links: GOV.UK ISAs Pensions Advisory Service AA

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Higson & Co (Nottingham) Limited, White House, Wollaton Street, Nottingham, Nottinghamshire NG1 5GF
S C R Skill FCA, Mrs G J Strickland FCA, D R Wallwork BA FCA, Miss E C Davey FCCA Registered to carry out audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference C011003720. A member of the ICAEW Practice Assurance Scheme

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