The new tax year is now underway, bringing a fresh set of valuable tax-free allowances.
This is a great opportunity to review your financial goals and ensure you’re making the most of the options available to you. By investing early in the tax year, your money has more time to benefit from potential growth.
Your Tax-Efficient Allowances
- Stocks and Shares ISA: £20,000
- Lifetime ISA: £4,000 (part of your overall ISA allowance)
- Personal pension: £60,000 (subject to your earnings)
- Junior ISA:£9,000
- Junior personal pension: £3,600 (assuming no earnings)
Taking advantage of these allowances can form an important part of a well-structured financial plan. If you’re unsure how best to use them, seeking professional advice can help you make informed decisions aligned with your long-term objectives.