Find your tax relief

What are your main aims in life? If they include buying a property, helping your children get off to the best start, retiring in style, or passing on your wealth to loved ones – then effective tax planning is vital.

Take Advantage of Your Available Tax Relief and Allowance Before 5 April

Making the most of your tax reliefs and allowances each year can help you build the financial future you want. So it’s important to ensure you’re taking full advantage of those benefits before the end of the tax year on 5 April 2024.

We’re here to help you do that and make your money work harder for you.

5 THINGS TO THINK ABOUT BEFORE 5 APRIL
1. Maximise your ISA savings
You can save up to £20,000 in an ISA, or up to £9,000 in a Junior ISA each tax year. Make sure you consider taking full advantage of these allowances on your savings.
2. Use your Capital Gains Tax allowance
Capital Gains Tax allowance has reduced to £6,000. Are you making full use of your allowance while you still have it?
3. Review your Pensions
Are you getting the most from the tax-efficient benefits your pension can bring?
5 THINGS TO THINK ABOUT BEFORE 5 APRIL
4. Reduce your Inheritance Tax
You can reduce the Inheritance Tax your family might pay on your estate. Make use of your annual exemption and gift up to £3,000 before 5 April 2024.
5. Take advantage of your dividend allowance
Check you’re making the most of your dividend allowance before 5 April 2024. Remember, the dividend allowance has halved for the tax year 2023-2024.

The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief is generally dependent on individual circumstances.

Your tax year-end checklist

Tax-smart New Year’s resolutions

Make 2024 less stressful by making good money habits that help you build towards the future you want and boost your financial wellbeing.

1. Check for unused tax relief

Some tax reliefs are often overlooked and left unused. For example, you can carry forward unused allowance on your pension from previous years. Get in touch to find out what you could benefit from.

2. Take action early

Although you have until 5 April, leaving tax planning until the last minute can bring unnecessary stress. For example, it could take longer for providers to process transactions if there’s a bottleneck. Give yourself peace of mind and plan your taxes sooner rather than later.

3. Speak to a financial adviser on a regular basis

Taking financial advice is perhaps your most important resolution, as it will drive the other good financial habits. By getting in touch, you can get clear, practical guidance. And if things change, we can help you stay on track to meet your financial goals.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief is generally dependent on individual circumstances.

Are you ready for tax year-end?

Make your money work harder with tax-savvy strategies that will help you achieve your financial goals. It’s not too late to get your taxes in order.

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PW& Partners Ltd together with St. James’s Place Wealth Management plc are the data controllers of any personal data you provide to us. For further information on our uses of your personal data, please see the Privacy Policy or the St. James’s Place Privacy Policy.

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PW& Partners Ltd together with St. James’s Place Wealth Management plc are the data controllers of any personal data you provide to us. For further information on our uses of your personal data, please see the Privacy Policy or the St. James’s Place Privacy Policy.