Following one of the most challenging and unpredictable 12 months in recent memory, the new tax year has finally arrived and with it comes a range of refreshed tax allowances.
The start of a new tax year is typically a time when people review their finances and plans for the future. What is different about this tax year is that some people have found they have saved extra money by not going out so much or going on holiday over the past few months.
Here are some you ways you could put that money to good use:
You can contribute up to £20,000 into an ISA
You can invest a maximum of £40,000 into a pension.
Please bear in mind that the value of ISAs and pensions can fluctuate and you could end up with less than you originally invested.
The Capital Gains Tax allowance of £12,300
Various financial gift tax allowances, which are extremely useful if you are looking to give money away.
If you want to make the most of your tax allowances this year, speak to Tilney to find out how we can help. You can book an appointment online or call us on 020 7189 2400.
Prevailing tax rates and reliefs depend on your individual circumstances and are subject to change. This article does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers.
Issued by Tilney Financial Planning Limited.