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Taking sensible tax steps

As we get settled into the 2024/25 tax year, it’s the perfect time to reassess your finances. It’s important to ensure you are in the best place possible when it comes to tax planning, your investments and pensions. 

Sensible tax planning can help to reduce the amount of tax you pay and safeguard your wealth for the future. So, what needs to be on your ‘to do list’ this new tax year? 

A great start is getting to know your 2024/25 tax rates: 

  • The ISA allowance is £20,000 and the JISA (Junior ISA) allowance and Child Trust Fund annual subscription limits are £9,000. CTFs closed to new applicants in 2011. 
  • The Dividend Allowance is £500 (from April 2024) 
  • The annual Capital Gains Tax (CGT) exemption is £3,000 (from April 2024) 
  • The Income Tax Personal Allowance and higher rate threshold are £12,570 and £50,270 respectively until April 2028 (rates and thresholds may differ for taxpayers in parts of the UK where Income Tax is devolved) 
  • The IHT nil-rate band is £325,000 and the main residence nil-rate band £175,000. 

Effective tax planning strategies can help shield you from the chill this spring. We can help – please get in touch. 

It is important to take professional advice before making any decision relating to your personal finances. Information within this article 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.