Tax Year End Planning

With the end of the tax year on the horizon it is worth considering whether you have made the most of your allowances in the current tax year. The current UK tax year ends on 5^th April 2024 and now is a good time to look at various allowances available to you.

• ISA Allowance

This is currently £20,000 per tax year and any unused allowance cannot be carried forward. An ISA is exempt from income and capital gains tax so is an important component of your overall wealth structuring.  

• Pension Annual Allowance 

With the removal of the lifetime allowance charge and the ability for those with Fixed Protection to make a contribution without losing their Protection, now is a good time to consider funding your pension further. The maximum annual allowance for the current tax year has also increased to £60,000 per tax year and personal pension contributions may be eligible for income tax relief. 

• Capital Gains Allowance 

It is important to ensure you have maximised your allowance and in some cases for married couples and civil partners, it may be more efficient to redistribute assets to ensure both allowances are used. 

• Enterprise Investment Scheme and Venture Capital Trust 

It is possible to invest up to £2 million in an EIS and £200,000 in a VCT per tax year, which would provide 30% income tax relief. 

If you are a client of SG Kleinwort Hambros, please contact your Private Banker who will help you to make the most of your allowances. 
If you are not a client, let’s start a conversation. Find out more about becoming a client here.


Enterprise Investment Schemes and Venture Capital Trusts invest in assets that may at times be difficult to sell. This means that you may experience a delay or receive less than you might otherwise expect when selling your investment. An investment in these types of funds is highly speculative and high risk. Don’t invest unless you’re prepared to lose all your capital. 

 Any services and investments may have tax consequences and SG Kleinwort Hambros Bank Limited does not provide tax or legal advice. The level of taxation depends on individual circumstances which can change. You should seek professional advice to understand any applicable tax or legal consequences. In addition, the material is not intended to provide and should not be relied on for, accounting or legal purposes and independent advice should be sought where appropriate.

CA33/Feb/24