Use it or lose it may usually be applied to physical health but it can equally apply to tax bills.
As the end of the tax year approaches, it is time to make sure that we are all making full use of all the exemptions and incentives available.
The experts agree that this is the first place to start: every adult can put £20,000 a year into an ISA, so couples can shelter £40,000 a year from tax on dividends and on gains when funds are withdrawn. Using the full allowance every year can build into a sizable fund. There are now five types of ISA: Lifetime ISA; Junior ISA; Help to Buy ISA; Innovative Finance ISA; and the standard ISA – so deciding which is best will depend on your age and personal circumstances.
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