Act now to make the most of this year’s allowances
The start of the tax year is the ideal time to plan ahead, think about your finances and make sure you're not missing out on some of the valuable allowances and exemptions you're entitled to.
The value of investments can rise or fall, and you may get back less than invested.
Your start of the tax year checklist
Here’s a handy checklist of things to start thinking about now.
- Review your financial plans and look at how and where you’re investing. Consider whether you’re on track to achieve your financial objectives.
- Use your £20,000 ISA allowance.
- Make the most of your £60,000 pension allowance.
- Utilise your £3,000 Capital Gains Tax allowance.
- Be aware of your £500 dividend allowance.
- Get up to speed with Inheritance Tax exemptions.
- Don’t forget your £3,000 gift exemption.
If you’d like to find out more about any of these allowances and exemptions, take a look at our article.
Explore our ISA products
You can currently invest up to £20,000 in an ISA each tax year and any income or capital growth is free of UK Income Tax and Capital Gains Tax.
If you have children who are under 18 and living in the UK, you can also invest up to £9,000 per child in a Junior ISA. Just be aware that you can’t have a Child Trust Fund as well as a Junior ISA.
A Stocks and Shares ISA is a great way to invest for the mid to long term, ideally five or more years. Our ISAs enable you to:
- Choose how your money is invested by selecting funds to match your appetite for risk.
- Start small, investing from as little as £50 a month and/or a £1,000 lump sum.
- Start, stop, and restart regular payments or change the amount at any time.
Explore our pension product
Most people who are aged under 75 can contribute to their pension up to the level of their earnings, capped at £60,000 each tax year, and receive tax relief.
As well as boosting your retirement income, pensions can be an effective way of sheltering any growth from UK Income Tax and Capital Gains Tax. For every £80 you invest in a personal pension the government will add £20. If you pay 40% or 45% Income Tax, you can reclaim additional tax relief directly from HMRC.
Our pension plan enables you to:
- Choose how your money is invested by selecting funds to match your appetite for risk.
- Make one-off switches from one fund to another or change where your future payments are invested.
- Start small, investing from as little as £50 a month and/or a £1,000 lump sum.
- Start, stop, and restart regular payments or change the amount at any time.
- Track the performance of your investment through the 'My Investments' online platform.
Important things to remember
The value of investments can rise or fall, and you may get back less than invested.
The tax treatment depends on individual circumstances and may change in the future.
Inheritance Tax advice is not regulated by the Financial Conduct Authority or the Prudential Regulation Authority.
NFU Mutual Financial Advisers advise on NFU Mutual products and selected products from specialist providers. When you get in touch, we’ll explain the advice services we offer and our charges.
Financial advice is provided by NFU Mutual Select Investments Ltd.
Looking for financial advice?
If you’re not sure how to put your financial plan in place, one of our NFU Mutual Financial Advisers can help. They'll be able to recommend products that are right for you based upon your personal circumstances. You can book an appointment with an NFU Mutual Financial Adviser by either calling: 0800 622 323 or requesting a call back.