7 allowances you might want to use before the end of the 2023/24 tax year

When a new tax year starts, many allowances reset. So, checking if you could make use of allowances before Friday 5 April 2024, when the 2023/24 tax year ends, might be valuable.

This guide explores some of the allowances that could help your money go further. You might discover you could reduce your Income Tax liability by using the Marriage Allowance or find a tax-efficient way to save for your long-term goals by using an ISA or pension.

The guide explains seven key allowances:

1.       Marriage Allowance

2.       ISA allowance

3.       Junior ISA allowance

4.       Dividend Allowance

5.       Capital Gains Tax Annual Exempt Amount

6.       Pension Annual Allowance

7.       Inheritance Tax annual exemption.

Download “7 allowances you might want to use before the end of the 2023/24 tax year” to learn if you could potentially reduce your tax bill.

If you have any questions about which allowances are suitable for you or would like to create a plan for 2024/25, please contact us.

Please note: The value of your investments can go down as well as up, so you could get back less than you invested. Past performance is not a reliable indicator of future performance. This guide is for general information only and does not constitute advice. The information is aimed at retail clients only. Financial Conduct Authority does not regulate tax or estate planning.