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Tax-year end planning tips

Do you need to take any action before 5 April?

The end of the tax year is now just a few short weeks away. Taking some simple steps before then could mean more money in your savings and investments, not to mention a lower tax bill.

If you’ve not yet used all of your relevant allowances, or could benefit from taking any other financial planning actions before 5 April, it’s important to act now.


Some tax-planning tips are relevant to almost everyone. Making use of your annual ISA allowance, for example, which is currently £20,000. Or checking your pension savings are on track. However, for higher earners there are a number of other important considerations. Our guide focuses purely on these issues – many of which are related to the ever-changing rules surrounding pensions. You’ll find simple explanations and practical tips covering:

  • the personal allowance tax trap for earnings >£100,000 a year
  • child benefit withdrawal for earnings >£50,000 a year
  • the pensions annual allowance, how it’s tapered for high earners and the reduced allowance if you’ve started to access your defined contribution (DC) pensions
  • your options under the pension freedoms
  • passing your pension to the next generation
  • the lifetime allowance and ‘crystallisation’ events
  • salary exchange
  • pensions carry forward

Remember, neither this email nor the guide is intended as financial advice or a personal recommendation for you to take any action. The guide is designed to summarise the key issues you might need to consider and, where appropriate, discuss with your adviser.

If you’d like to speak with an expert about your tax-year end financial planning, please contact your usual Lorica adviser or get in touch with us on 0345 218 3126 or [email protected].

We’re here to help. I urge you to act quickly though, as 5 April is almost upon us.

Further reading