End of tax year - Act now

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28 February 2011

The tax year end is fast approaching. If you haven’t already taken advantage of all the various allowances and exemptions you’re entitled to by 5 April 2011, these will be lost. These are “use it or lose it” allowances.
These include:

 

ISA allowance

 

You can invest up to £10,200 in an Individual Savings Plan and take the benefits free of tax.

 

Capital gains tax allowance

 

This is currently £10,100. If the value of your investments has increased to above that limit this tax year, you might want to consider selling some of them in order to help reduce your liability to future CGT.

 

Pension allowances

 

Do you have unused allowances for this year and are you aware of the changes in legislation that may affect you next year? This is a topic we’re currently receiving a large number of questions on, as clients are asking us how the changes in the law will affect them.

 

Inheritance Tax

 

Each tax year you can make a range of gifts and other potentially exempt transfers. These can help reduce the eventual IHT burden on your estate.

 

Talk to us today to arrange to sit down with your adviser or let us know the name of a colleague or friend who may benefit from our services. Act now to ensure that these allowances are not lost.

To Find out further details or make an appointment with an adviser or call 0207 7762135