• The new financial year started earlier this month with a number of points to note:-

    • Increase in income tax threshold from £11,500 to £11,850
    • ISA limit remains at £20,000 per year
    • Junior ISA limit increases from £4,128 to £4,260
    • Dividend allowance reduces from £5,000 to £2,000
    • Annual gift allowance of £3,000 resets so take steps to give this away (and last year’s allowance, if unused)
    • Review your income from last year and give any surplus income that you would have converted into capital away without needing to survive the usual seven years
    • Residence Nil Rate Band (RNRB) has increased from £100,000 to £125,000.  Are your wills ensuring the RNRB is used effectively on your death?

    If you would like any more advice about your estate planning or tax affairs, please contact a member of our Private Client team.

    This content is correct at time of publication

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    Take a look at our Tax Planning page for useful information, resources, guidance, details of our team and how we may be able to help you

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