Timely Tax Tips
Personal Financial Planning for 2005/06
ISAs
- Have I/my spouse invested the full £7,000 allowance each this year?
Pensions
- Do I want to pay a lump sum into my pension?
- Have I paid the maximum contributions for 2005/06?
- If not, do I want to carry back any amount before next January?
Capital Gains Tax
- Are the gains made by me/my spouse more than £8,500 in this tax year?
- Have I made any losses this year which can be set against the gains?
- Can I spread any present disposals beyond 5 April if they would make me exceed the £8,500 limit or qualify for more taper relief?
- Do I want to sell any investments before 5 April to use up the full capital gains tax exemption?
Inheritance Tax
- Have I given the full £3,000 as a lump sum this year?
- Did I gift last year's £3,000 allowance?
- Do I want to give away any money to reduce my heirs' potential IHT liability?
Contact us
This tip sheet is provided to you completely free of charge but if you would like further information please call us now to arrange a meeting. Print this voucher for a free initial meeting.
