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.

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.

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 £3,000 of your gain is tax-free. It’s therefore worth considering transferring shares into an ISA where any gain will be free of CGT.