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The 2023/24 tax year is now well underway, which means all your various investment allowances have been renewed. Rather than leave it until the last minute, why not take advantage of these allowances ahead of time?
If you already know you are going to fund an ISA or pension this tax year, doing so now (instead of waiting for the end of March ’24) could earn you another 5 months’ tax-free investment growth – 5 months may not sound like much but, for some, the tax saving could be hundreds of pounds.
Here is a list of this year’s ISA and pension allowances:
| ISAs (cash or stocks and shares) | £20,000 |
| Lifetime ISAs | £4,000 |
| Junior ISAs | £9,000 |
| Pensions | Up to £60,000 |
If you have the means, we’d recommend fully funding these allowances as soon as possible.
If this is something you’d like to do, please get in touch and we will gladly discuss.
