Planning for the tax year end and the year to come 

Author: Baris Furlonger

Chartered Financial Planner

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As we head closer to the end of the 2023/24 tax year and to what will be the final Spring Budget before a General Election, it is important you review recent and upcoming tax and legislative changes, make suitable decisions before 6 April and plan effectively for the tax year ahead.

One of the most significant changes to pension legislation was Chancellor, Jeremy Hunt’s decision to abolish the Pension Lifetime Allowance (LTA). However, there have been other changes to consider.

Have you thought about the following annual tax-efficient allowances available to you?

Pension contributions

  • The annual allowance now stands at £60,000 – the allowance had been £40,000 for many years up until the current tax year and the additional allowance could represent the perfect opportunity for further pension savings.
  • Don’t forget that unused allowances can be carried forward from the previous three tax years and will be lost if not used.

ISA allowances

  • The ISA allowance remains at £20,000 in total, which can be split across cash or investment ISAs.

For individuals who are 16 or 17 years old, such as children or grandchildren, the current tax year 2023/24 presents a unique opportunity to take advantage of a valuable Cash ISA allowance, as well as the Junior ISA allowance.

After 5 April, the ability to contribute to both of these allowances will be lost. This change may have gone unnoticed by many people. This presents a time-limited opportunity to wrap up £29,000 into tax-efficient ISAs for this select group.

Other allowances

  • Your tax position may warrant the consideration of more specialist investments such as a Venture Capital Trust (VCT) or Enterprise Investment Scheme (EIS). These schemes are relevant to the 2023/24 tax year but an EIS could also be used to obtain relief against the 2022/23 tax year.
  • Have you used your annual £3,000 gifting allowance, or carried forward last year’s allowance? This could be up to £12,000 for a couple. While a potentially small amount in the context of one’s estate, over time, this could be an efficient way of reducing an inheritance tax bill. You can also make exempt gifts to children, grandchildren and others on their marriage or civil partnership.
  • Gifts can be made as tax-free regular payments to others without limit provided you can afford these payments after meeting your usual living costs, and they are paid from your regular income.

Aside from investment allowances, there are other planning areas which also need to be considered.

The Lifetime Allowance (LTA), which is scheduled to be abolished on 6 April, may provide for planning opportunities – for example, specific situations which could lead to some being able to draw additional tax-free cash.

This provides an opportunity to review your pension savings. However, it is important to think carefully about this, especially with a General Election on the horizon and the possibility of further changes in pension legislation.

There may be other areas of planning which require review, and it is important to speak to a financial planner early to ensure that appropriate action can be taken.

2024 is potentially the biggest year ever for global politics; in the UK, we have a Spring Budget in a few weeks’ time that could bring further disruption, followed by a General Election later in the year and the US Election.

It is important to make appropriate financial plans ahead of time to avoid missing out on opportunities. Starting to plan early will make it easier to accomplish your goals, and we will be available to assist you both now and in the future.

If you need help with year-end tax planning, please speak to a member of our financial planning team on 01223 233331 or email

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Opinions constitute our judgment as of this date and are subject to change without warning.  The value of investments and the income from them can go down as well as up, and you may not recover the amount of your original investment.

The information in this article is not intended as an offer or solicitation to buy or sell securities or any other investment, nor does it constitute a personal recommendation.

The Financial Conduct Authority does not regulate estate planning and tax planning.

The information contained within this blog is based on our understanding of legislation, whether proposed or in force, and market practice at the time of writing.  Levels, bases and reliefs from taxation may be subject to change.


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