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InsightsInsight - Tax Planning - POSTED: April 23 2018
What you need to know about the new tax year
Amy Lane gives her top tips on things to note in this new financial year…
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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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