Tax Breaks to Think About Before the Tax Year-End

You can still head towards achieving your financial goals by taking advantage of tax-saving and investment opportunities before the end of the tax year.

ISAs

The ISA allowance is currently £20,000, a good way to protect funds from further Income Tax or Capital Gains Tax liability. You can also contribute into Junior ISAs of up to £4,260 for each child, and up to £2,880 into a child's pension (topped up to £3,600 with tax relief).

Pension plans

A pension contribution helps higher earners bring down taxable incomes and regain the personal allowance, which begins to be withdrawn for incomes over £100,000. It can also help families avoid losing Child Benefit.

Other tax breaks

• Capital Gains Tax — you have an exemption of £11,700 in this tax year
• Dividend Allowance — tax-free dividends of £2,000
• Inheritance Tax — you can gift up to £3,000 each tax year immediately free of IHT
• Charitable donations provide an opportunity to reclaim tax allowances