23 February 2017
As the end of the tax year nears, remember the 5th April is a
In 2017, the tax year end falls just over a week before Easter.
The Budget is almost a month earlier (8th March), but that should
not affect most tax year end actions. As a reminder, here are some
of this year's points to consider - and act on, if necessary - by
- If your pension benefits were worth over £1.25m in total on 5th
April 2014, you have until 5th April 2017 to claim individual
- If you reached State Pension age before 6th April 2016, 5th
April is the deadline for making Class 3A voluntary contributions
to top up your State Pension.
- 5th April is the last day for making pension contributions to
exploit up to £50,000 of unused annual allowance from 2013/14.
- If your employer offers salary sacrifice arrangements, the new,
harsher, tax rules will apply immediately for any starting after
5th April (note that pension contributions are excluded from this
change). Arrangements which begin before 6th April 2017 will enjoy
the old tax rules for another year (another four years for
sacrifice involving cars, accommodation and school fees).
- Any of the £3,000 annual exemption for Inheritance Tax that was
unused in 2015/16 will be lost unless you make gifts covering both
this tax year's exemption in full and the unused balance from the
- If you have started to draw a flexible income from your pension
arrangements, the maximum further tax-efficient pension
contribution you can make will fall from £10,000 to £4,000 on 6th
- Your annual Capital Gains Tax exemption of £11,100 for 2016/17
will disappear if unused by 5th April.
- 5th April is the final day to make ISA contributions of up to
£15,240 for the current tax year.
If any of these strike a chord, do please talk to us: just
because there is a deadline, does not mean you have to act.
If you would like to discuss your own financial circumstances,
speak to your Chase de Vere adviser, call us on 0345 300
6256 or complete this form for
a call back.
The value of your investment can go down as well as up and
you may not get back the full amount you invested. Past performance
is not a reliable indicator of future performance. The value of tax
reliefs depends on your individual circumstances. Tax laws can
change. The Financial Conduct Authority does not regulate tax