Using your allowances to lay the foundations for your financial future

12 January 2023

At a glance:

This year more than ever, making the most of your 2022/23 annual allowances and tax reliefs before tax-year end is one of the most practical steps you can take to tackle those tax rises, and bring your tax bill down.

No matter what your personal circumstances are, this cost-of-living crisis is beginning to bite.  Although some of us may have more of a buffer against rising inflation, energy bills and interest-rates, the longer-term impact on our financial wellbeing is making for sleepless nights.

Using up your personal allowances helps to make the most of your investments, meet your outgoings, and lays the right foundations for your financial future.

These are the ‘big four’ personal allowances not to miss out on:

Your £20,000 ISA allowance

Your pension allowance

Your £3,000 gifting allowance

Your Capital Gains Tax allowance

Make the most of your tax allowances before tax-ear end

Making the most of every tax-saving allowance or tax relief allowance that’s on offer lays some solid foundations for your financial future.

With so many other aspects of our lives changing on an almost daily basis, it’s good to know that you can do something practical to help your short and long term financial wellbeing.

The value of an investment with St. James’s Place will link directly to the performance of the funds selected and may fall as well as rise. You may get back less than you invest. An investment in equities does not provide the security of capital associated with a bank deposit account.

The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.

Any tax relief over the basic rate on pension contributions is claimed via your annual tax return.

SJP Approved: 07/12/2022

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