The End (of the tax year) Is Nigh

Author: Geoff Cooper

Head of Investment Management, Chartered Wealth Manager - Chair of the Investment Committee

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As we approach the end of the tax year, it’s crucial to review your financial situation and ensure you’ve taken full advantage of the various tax allowances/exemptions available.  From personal allowances to capital gains tax (CGT) exemption, marriage, savings, and dividend allowances, each presents an opportunity to optimise your tax position.

For investors, understanding the implications of CGT when selling assets is paramount.  While the ideal scenario is to spread asset sales over multiple years to minimise tax liabilities, the timing of significant trades becomes pivotal.  If you’ve already exhausted this year’s allowances, it’s often prudent to defer further trades until the new tax year, capitalising on refreshed allowances.

Looking ahead however, it’s worth noting that the CGT exemption is set to halve again from its current £6,000, in the new tax year.  Therefore, maximising tax benefits in the current year, even if it means slightly surpassing allowances/exemptions, can be a sensible approach.

Diversifying investments is another essential strategy for optimising tax efficiency.  By allocating investments across different asset classes and utilising tax-efficient products such as ISAs (Individual Savings Accounts) and pensions, you can further mitigate tax liabilities while still maximising returns.

Seeking guidance from a Chartered financial planner is therefore essential to create a tailored strategy that aligns with your specific circumstances and financial objectives.  At MM Wealth, our Chartered financial planners work closely with you to provide personalised recommendations, navigating the intricacies of tax planning effectively.  This holistic approach extends beyond mere investments, encompassing retirement and estate planning for a comprehensive wealth management strategy.

By remaining abreast of legislative changes and government announcements, we ensure your plan remains adaptable and well-positioned within the evolving financial landscape.  So, while year-end tax planning holds significance, we believe that prioritising your broader long-term financial strategy can help you secure your financial future.

If you would like to talk to one of our Chartered Financial Planners, please contact us 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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