Tax Year End PLanning

The information provided on this page is for tax year 2023/24

making your money work harder for you

ISAs: You can save up to £20,000 into an ISA or up to £9,000 into a Junior ISA (on behalf of a child) per year, and any returns are free from Income Tax and Capital Gains Tax. However, you can’t carry your ISA allowances over to the next tax year, so it’s worth paying in as much as you can before the 5 April deadline.
Pensions: Subject to limitations contributions into a pension will benefit from Income Tax relief, giving it an immediate boost. So it makes sense to consider paying in as much as you can afford before the end of the tax year. You can save up to £60,000 or 100% of your eligible earnings, subject to limitations. This includes contributions from yourself, your employer, any other third party as well as tax relief paid into your pension. You can also use your allowances from the past three tax years if you haven’t already.
Capital Gains Tax (CGT): The tax on the profit, or ‘gain’, that you make when you sell or gift an asset that’s increased in value, such as shares or jewellery. The first £6,000 of your gain is tax-free, but from the next tax year (starting on 6 April 2024) this allowance will drop to £3,000. It’s therefore worth making the most of the higher allowance while you can – or consider transferring shares into an ISA where any gain will be free of CGT.

The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. 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.


Paying as much as you can into your pension each tax year will give your investments an instant boost, thanks to Income Tax relief.


Use as much as possible of your £20,000 annual ISA allowance can help you get there sooner.


making the most of your Inheritance Tax (IHT) allowances – such as gifting up to £3,000 a year free of IHT– can help you leave the legacy you want.

We offer a no-obligation consultation designed to help you develop a financial plan bespoke to your life goals. Book your consultation today and take the first step towards a more secure financial future.

Castell Wealth Management is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website Castell Wealth Management is a trading name of Castell Wealth Management Ltd. Castell Wealth Management Ltd is registered in England and Wales, Number 11639376. Registered Office: 251 Grays Inn Rd, London WC1X 8QT.

© Castell Wealth Management Limited. 2023.

SJP approved as at 24/11/2023


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