The countdown to the tax year end has started…don’t leave it too late
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The countdown to the tax year end has started…don’t leave it too late
With the tax year end approaching, here are the key strategies to optimise your finances:
- Pensions
Maximise tax relief and growth but you should note the recent changes. Pensions inherited after April 2027 may face taxes of up to 67%, making them a priority for withdrawals. Adjust risk levels if accessing funds earlier and diversify with other savings plans.
- ISAs
Use your £20,000 annual ISA allowance for tax-free growth and income. Remember, unused allowances don’t carry over, so act now.
- General Investment Accounts (GIAs)
Benefit from Dividend and Savings Allowances and your Capital Gains Tax Allowance to reduce tax.
- Offshore Bonds
Gain tax-deferred growth, inheritance tax (IHT) efficiency, and flexible withdrawal options.
- VCTs & EIS
Benefit from 30%-50% income tax relief, capital gains exemptions and IHT advantages. VCTs offer tax-free income while EIS provides loss relief.
- Estate Planning
Consider the use of annual allowances and review the changes to Business Relief.
Plan now to maximise tax efficiency, grow wealth, and reduce risk. For tailored advice call 020 7353 6373 or email financialadvice@fswealth.co.uk for a free consultation and financial review.
Fleet Street Wealth is a specialist, independent, fee-based wealth management firm and one of the largest providers of financial advice and wealth management services to the Bar.
Fleet Street Wealth is a trading style of Fleet Street Financial Which is authorised and regulated by the Financial Conduct Authority.
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
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. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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