On your agenda – end of tax year planning

As we head into a new year with hope and optimism – it’s a good time to reflect on your personal financial circumstances. With the 2024/25 tax year drawing to a close, don’t leave it to the last minute to get your finances in order – that includes using your tax-efficient allowances. 

You might want to make some pension contributions, use your Capital Gains Tax (CGT) or Dividend Allowance, embark on some Inheritance Tax (IHT) planning or even maximise your investments using tax-efficient vehicles including Individual Savings Accounts (ISA) and Junior Individual Savings Accounts (JISA) and – for the more seasoned investor – Enterprise Investment Schemes (EISs) and Venture Capital Trusts (VCTs). 

There’s not long to go until the end of the tax year (5 April 2025), so let’s get organised! 

As a reminder, during the Autumn Budget: 

• The freeze on IHT thresholds has been extended to 2030, and from April 2027 pension pots will be considered part of taxable estates 

• CGT increases were announced, with the basic rate moving to 18% and the higher rate to 24%, the CGT allowance remains at £3,000 for individuals 

• Annual subscription limits remain at £20,000 for ISAs and £9,000 for JISAs until 5 April 2030. 

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. The Financial Conduct Authority (FCA) does not regulate Will writing, tax and trust advice and certain forms of estate planning.