Tax Year End Planning Guide – 2018/2019
As the end of the financial year approaches, and the tax landscape is continually changing, we have put together this guide to ensure that you are making the most of the allowances and reliefs available.
Individual Savings Accounts (ISAs)
You can contribute up to £20,000 to your ISA in the current tax year. Your contribution can be allocated to cash, stocks and shares or a combination of both. Any income or gains generated by your ISA are completely free of tax, and you can withdraw money at any time. On death, an ISA can be passed to a spouse or civil partner, retaining the beneficial tax treatment.
If you have taken any money out of your ISA, you can replace it in the same tax year without using up any of your annual ISA allowance.