With the end of the tax year fast approaching here are some tax saving ideas to consider.
ISAs
Use your annual ISA allowance which is currently £7,200. From the 2010/11 tax year this will increase to £10,200 as it is currently for anyone aged over 50. Get Independent Financial Advice.
Pension Contributions
Maximise pension contributions to obtain the tax relief available
Inheritance Tax Planning
Make use annual exemptions such as the £3,000 annual allowance and regular gifts out of income. Consider IHT reliefs such as agriculural or business property relief, and the nil rate band.
Review Wills and Life Insurance Policies
Always important to keep wills and life insurance up to date and ensure any life insurance is written into trust where appropriate. Speak to your Independent Financial Adviser if unsure.