Tax efficient ways to save or invest

By Antony Keen, PM+M

24 Mar 2023

Antony Keen PM+M

The start of a new tax year is the perfect time to consider if you’re making the most of the tax saving options available, below we highlight some key considerations:

Maximise your pension contribution

The standard annual allowance you can pay into your pension tax free is £40,000 and you should utilise that where possible, but did you know that you can potentially carry forward any unused allowances from the previous three tax years?

Marriage allowance

For couples where either spouse or civil partner will not be able to use their income tax personal allowance, you should consider claiming the marriage allowance. This could save the other spouse or civil partner up to £252 in tax. Claims can also be backdated for four tax years. However, a claim can only be made if the recipient does not pay tax above the basic rate.

Individual savings accounts

You can invest in one cash ISA, one stocks and shares ISA and one innovative finance ISA in each tax year. ISAs are free of UK tax on investment income and capital gains. If you are aged 18-39, you can also invest up to £4,000 in a Lifetime ISA. However, the maximum investment limit of £20,000 (for 2022/23) applies across all four types of ISA. 

Is now the time to look more closely at your tax savings? Get in touch to find out more.

Enjoyed this? Read more from Antony Keen, PM+M

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