Act Now to Beat the New Tax Year

Tomorrow will see several changes to tax allowances and new schemes introduced, many of which could affect your investments, your pension or your savings

Close Brothers Asset Management 5 April, 2017 | 12:10PM
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For investment ideas, back to basics education and advice from the experts read Morningstar’s Guide to Planning for Retirement. Here, David Newman, Head of Pensions at Close Brothers Asset Management breaks down the changes due to pension and savings in the new tax year.

The run up to the new financial year is the perfect opportunity to ensure your finances are in order. Tomorrow will see several changes and schemes introduced, many of which could affect your investments, your pension or your savings – so it’s important to take action over the next few weeks, whether that be using up any allowances before they disappear forever, or capitalising on many of the new opportunities on offer.

Make Full Use of Growing ISA Limits

From tomorrow, the contribution limit for a standard ISA will increase to £20,000 a year and the new limit for Junior ISAs will be £4,128. These increases follow a reduction in the amount people can pay into their pensions, so prudent savers should be taking advantage of these limit increases for additional savings with an even more robust tax wrapper.

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The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

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Close Brothers Asset Management  is a financial planning and investment service to professionals, business owners, retirees and individuals