Tax Planning

It is vital that you have an investment strategy in place that is capable of generating the income that you require, without exposing you to more investment risk than you feel comfortable with. To maximise the investment income you receive either now or in the future, you should always consider maximising the available tax breaks.

  • The new tax year (2024/25) ISA allowance is/will be £20,000 from 6th April 2024. This can be invested entirely in an Investment ISA or in a Cash ISA. Or you can mix and match the amounts. Income from an ISA is free of taxation to you (except for the non-reclaimable 10% dividend tax credit).
  • Sometimes capital withdrawals can be more tax efficient than drawing an income. Have you used your annual exemption? It is important to realise which of your investments may be chargeable to CGT and we recommend speaking to an adviser to stay abreast of any potential future tax bills.

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Supporting literature

We have produced a range of free guides to help you with your financial planning, including information on inheritance tax plannning, receiving inheritance, retirement options and the latest tax rates. You can download these by filling in your details below or contact us and we can post them to you.

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