The end of tax year, are you ready for 5th April?


In this episode with Ami Jack, Head of National Tax; Luke Brooks, Managing Partner in the Financial Planning Team and Adam West Private Client Tax partner discuss all the things you can do ahead of year end to put you in a better position.

The tax year end is approaching on 5th April. In this episode we discuss what you can do ahead of the year end to put you in the best tax and financial position.
Episode overview:

  • Consider making tax-free investments through National Savings or ISAs. The annual ISA subscription limit for 2021/22 is £20,000, and this limit cannot be carried forward if not used.
    Remember, all investments fluctuate in value and you may not get back the amount invested
  • Pension contributions are still a really tax-efficient way of saving for retirement, with tax relief given at your highest marginal rate of income tax. This is quite a complex area as tax relief is restricted in various ways.
  • Spouses and civil partners can review who holds any savings that generate taxable income to ensure allowances are used efficiently.
  • If you pay tax at the 40% rate or higher, you may be able to claim tax relief on gift aid donations you make to charity.
  • As capital gains tax is charged when an asset is sold, you have some control over when to pay it, for example, assets could be sold to use your CGT annual exemption or unrealised losses crystalised to offset gains.
  • On IHT, there are various allowances for gifts, which many people are unaware of.
  • Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS) and Venture Capital Trust (VCT) investments may provide tax relief and the opportunity to defer capital gains, but are higher risk.

These options are relevant to most taxpayers but could be particularly valuable to those subject to an effective rate of tax of 60% on income between £100,000 and £125,140.

If you would like to read about this in more depth, read our latest published article “The end of a tax year what should you be thinking about".



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This episode was recorded on 28/02/22

Tax legislation is that prevailing at the time, is subject to change without notice and depends on individual circumstances. Clients should always seek appropriate tax advice before making decisions. HMRC Tax Year 2022/23.

This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.

Podcast information:

The Pulse from Smith & Williamson

The possibility of tax reform in the UK

Episode 14

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