New Financial Year, New Allowances

Amid the varied emotions, challenges, chaos and controls that we are all dealing with in daily life right now, it is easy to feel disconnected from our old routines and ‘normal life’. Thankfully, though the recent spell of good weather, Easter celebrations and blossom on the trees bring us a timely reminder that we are now in Spring. And as we know Spring represents new growth and fresh starts, we are also reminded that we are now in a new financial year, with new allowances and new opportunities for our investment decisions. What better way could there be to make use of the time you are no longer spending commuting to work, hitting the shops, or going on holiday, than to review and reassess your financial plan, life goals and investment choices?

Did you know?

• The ISA annual allowance is £20,000 (tax free growth, tax free withdrawals)
• The Junior ISA and Child Trust Fund* annual allowance has been raised to £9,000
• Carry forward rules mean any unused pension allowances from the last 3 tax years can be used up, effectively increasing the tax relief available to those earning below the £240,000 Adjusted Income allowance.

*Children with a Child Trust Fund cannot open a Junior ISA unless they first transfer the Child Trust Fund to the Junior ISA and close the Child Trust Fund.

---

If you would like any further information on any of these allowances or to discuss your financial plans, please contact your usual consultant. Alternatively, you can contact us on 02476 388 911 or by email to [email protected].