What do I need to do?
- ISA: Can you maximise the amount you are saving tax-free? Don’t forget, you can save up to £20,000 every year
- Pension Annual Allowance: The tax-relief on your pension up to £40,000 based on the full Annual Allowance. Can you top this up before April?
Things to watch out for:
- The pension annual allowance has potential pit falls if you are a higher earner.
- You may be able to ‘carry over’ annual allowance if you haven’t used it in the previous years.
- Your annual allowance may be lower than £40,000 if you have flexibly accessed your pension
- If you have more than one pension it may be beneficial to ask for statements so that you can check what allowance you have remaining.
Lloyd & Whyte, what matters to you, matters to us
Lloyd & Whyte (Financial Services) Ltd are authorised and regulated by the Financial Conduct Authority. Please note that investments in a Stocks & Shares ISA are not guaranteed and can fall in value as well as rise. Ultimately you could get back less than you invest. It is important to take professional advice before making any decision relating to your personal finances. Information within this newsletter is based on our current understanding of taxation and can be subject to change in future. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK; please ask for details. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Registered in England No. 02092560. Registered Office: Affinity House, Bindon Road, Taunton, Somerset, TA2 6AA.