Find your tax relief before tax year end

By Schofield & Associates Financial Planning

05 Feb 2024

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Making the best use of your tax reliefs and allowances can help you get closer to achieving your financial goals and feeling that sense of relief.

  • Have you used your ISA Allowance this year? Each tax year, you can contribute £20,000 per person into an ISA (so £40,000 for a couple who each hold an ISA), and £9,000 per child into a Junior ISA. This can be either a Stocks & Shares ISA, a Cash ISA, or a mix of both.
  • Have you considered your Personal Savings allowance this year? Basic-rate taxpayers can earn up to £1,000 a year in interest tax-free. For higher-rate taxpayers, it’s £500 a year and for additional-rate taxpayers, it’s £0, meaning all interest is subject to tax.
  • Have you used your pension annual allowance? Each tax year, you can contribute £60,000 or 100% of earnings if less and you will receive tax relief on the contributions.
  • Have you considered your Capital Gains Tax allowance? From 6 April 2024, the CGT allowance will fall from £6,000 to £3,000. So if you’ve not yet used your CGT exemption, you don’t have much time before the change comes in.

It is so important you know the allowances for the Tax Year End so that you can act before it's too late. Act before the 5th April. Save yourself the unnecessary worry and contact us today!

  • 01282 911200
  • pswmgroup@sjpp.co.uk

The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.

Cash ISAs are not available through St. James’s Place.

Schofield & Associates Financial Planning Ltd is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group's wealth management products and services, more details of which are set out on the group's website www.sjp.co.uk/products

SJP Approved 10/1/2024

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