As the 2024/25 tax year draws to a close, it’s the perfect time to get your finances in order. There’s not long until the end of the tax year (5 April 2025), so let’s prepare.
You could optimise your investments tax-efficiently through Individual Savings Accounts (ISAs) and Junior ISAs (JISAs).
During the Autumn Budget, annual subscription limits were unchanged at £20,000 and £9,000 respectively.
For experienced investors, exploring Enterprise Investment Schemes (EISs) and Venture Capital Trusts (VCTs) could be a valuable strategy.
You can consider making pension contributions £60,000 (pension annual allowance) and using your Capital Gains Tax (CGT) allowance £3,000 for individuals.
It’s also worth thinking about your Dividend Allowance (£500), and what about IHT planning? We explore gifting options in our article ‘IHT recap – get up to speed on gifting allowances’.
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.