New Year, New Opportunities!

By Mattioli Woods

12 Jan 2018

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With the festive season out of the way, the early morning ritual begins again with earnest and we look ahead to what 2018 may hold.

A Winter Olympics, a World cup and a royal wedding to name a few of the exciting things to look forward to, 2018 is already shaping up to be a good year!

Income tax thresholds – From 6th April 2018 the personal allowance for income tax (everyone has it!) is going up to £11,850 along with the higher rate threshold going up to £46,350.

With the zero rate dividend rate allowance dropping from £5,000 to £2,000 at the same time, it’s another year to make sure your remuneration planning is up to date.

Capital Gains Tax exemptionth

This is a use it or lose it exemption and if you have a growth orientated investment portfolio, there may be the opportunity to take or recycle profits within the portfolio, to utilise the exemption and avoid a nasty tax surprise down the line.

Residence Nil Rate Band – This exemption arrived in April 2017 and is now more widely understood and applied within financial planning and is worthy of a reminder here. The exemption is aimed at minimising the impact of Inheritance tax (IHT) due to the significant rise in house prices over recent years.

The rules for qualification need to be considered carefully, but if property is passing to direct descendants and the overall estate is not greater than £2m, the new exemption could save a decent level of IHT! These planning areas are just a few of the opportunities we will see in 2018, whether you will be glued to the TV watching sport or a royal wedding (something for everyone there!), it’s also an opportunity to ensure you have a strategic financial plan for your future.

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