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Tax Year Planning 2023/24

You can take advantage of  various allowances and exemptions that you’re entitled to. Taxation information is based on our current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from taxation, are subject to change.

The allowances include:

Annual ISA allowances:

  • You can invest up to £20,000 into an Individual Savings Plan (ISA) where the growth is free of tax.
  • The allowance applies to stocks and shares and cash ISA’s, or a mixture of the two.
  • You can invest up to £9,000 into Junior ISA’s for your children.
  • Paying up to £4,000 to a Lifetime ISA qualifies for the government bonus of 25% and can be used as a deposit for a first time property purchase. 

Capital gains tax:

  • The annual allowance is currently £6,000 reducing to £3,000 in the 2024/25 tax year.
  • If the value of your non tax exempt investments or shares include substantial gains, you might want to consider selling to realise gains within your allowance.

Personal Contributions to Pension:

  • The annual allowance is the higher of £3,600 or 100% of earnings up to a maximum £60,000.
  • You can carry forward the previous 3 years unused allowance subject to your income.
  • You receive up to 45% tax relief on the contributions.
  • Care has to be taken regarding the Tapering of the Annual Allowance and Lifetime Allowance.

Business contributions to Pension:

  • Contributions paid by an employer are not restricted by salary.
  • Unused contributions can be carried forward from previous years.
  • Contributions are classed as a business expense thus reducing corporation tax.

Enterprise Investment Schemes and Venture Capital Trusts:

  • Contributions qualify for 30% income tax relief.

Inheritance Tax:

  • Each tax year you can make gifts to reduce the value of your estate.

Your circumstances and needs are unique to you, please speak to us in good time to ensure you don’t miss any opportunities.

Get In Touch

Please get in touch if you want to talk more about how we can help you.
We offer an initial consultation free of charge which gives us the chance to meet and discuss your needs, with no obligation.

Financial Planning in Solihull

Lumaneri House, Blythe Gate, Blythe Valley Park, Solihull, B90 8AH

0121 693 7310

Reviews and Ratings for Financial adviser Gordon Symes, Birmingham

The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based within the UK. Jerroms Financial Planning is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference 300784. Registered in England and Wales under reference 4710626. Registered office address: Lumaneri House, Blythe Gate, Blythe Valley Park, Solihull, West Midlands B90 8AH.