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Financial Planning to make the most of your allowances

January/February 2020



The current ISA allowance per tax year is £20,000 per person, and there is no Capital Gains Tax (CGT), nor any tax, on UK income. To ensure you save in the most tax efficient way, our Independent Financial Advisers can review your allowances and help you make the most of them. Are you married? If both you and your spouse’s allowances remain unused, you could set aside £40,000 before the end of the tax year!

Child Trust Funds

In the current tax year, children with trust funds can save up to £4,126. Furthermore, another tax efficient way to save for you children, is transferring their savings to a Junior ISA (JISA). Money can be deposited and profit earned via interest. Alternatively, monies can be invested into stocks & shares. All profits made on a JISA are COMPLETELY TAX FREE!

Lifetime ISA

Aged under 40, and looking to buy your first home or contribute to your retirement savings? Our advisers can provide you with guidance on whether a Lifetime ISA (LISA) may be for you. The government annual bonus of 25% is paid on every £1 invested up to you allowance limit. LISAs can be used for the purpose of buying your first home, great for those eager to get on the property ladder, but that need a helping hand. Alternatively, at age 60, you can withdraw funds tax efficiently for retirement. 


Understanding tax charges, tax relief and your annual allowances isn’t always the easiest of tasks, and this is where Woodward Markwell can help. Our advisers can provide advice and guidance on the most tax-efficient way for you to save towards your well-deserved retirement. We can review your used and unused allowances for the purposes of carry forward from previous years. Furthermore, we can discuss with you your individual circumstances to ensure you are making the most of your tax relief.

Capital Gains Tax (CGT)

Hold investments outside of an ISA or pension? CGT is another tax charge to consider. Every individual has an annual Capital Gains Tax allowance of up to £12,000, and by being conscious of your exposure to Capital Gains Tax each year, you can reduce future liabilities. Our advisers can discuss with you what is appropriate with regards to any investments you may have that are currently held outside of tax-efficient means. No-one likes a surprise tax bill!

Inheritance Tax (IHT)

Not another tax charge?! Yes, and there’s things to consider to ensure your loved ones are not left with a substantial charge. If relevant to you, Woodward Markwell can provide advice and guidance on the Residence nil-rate band, any unused nil rate band and how you qualify for these. By looking at your individual circumstances, our advisers can work with you to determine the most efficient way of managing your estate should the worse happen.

To discuss any of the above or to book a free (no obligation) consultation with one of our Independent Financial Advisers please contact us on 01473 408422 or e-mail