We have now moved into the new tax year and this provides the opportunity to use your new tax allowances where appropriate, such as your ISA allowance (new limit of £11,280 maximum Stocks & Shares ISA or £5,340 into a cash ISA), Capital Gains Tax allowance (£10,600) and gift allowances for inheritance tax savings, amongst others, such as pension allowances.
As a point of interest, it was reported at the end of February 2012 by the Office of National Statistics (ONS) that contribution input to ISAs (Individual Savings Accounts) outstripped contributions to pensions in the tax year 2010/2011 (the last tax year) for the first time. With around £15.8bn going into ISAs and (only) £14.2bn going into pensions (excluding stakeholder plans) the margin was quite significant at this crossover point.
If you would like to review your annual tax allowances for this new tax year, in conjunction with your financial planning, then please contact us at the office by telephone on 01483 578800 or by email.
No individual advice has been provided in the text of this blog and you should seek individual independent financial advice for your own circumstances.
Chapters Financial Limited is Authorised and Regulated by the Financial Services Authority. Number 402899
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