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1. Use your Isa and pension annual allowances
Isas and pensions are a great way to save for the future because any income and capital gains made on investments held in both products are free from income tax and capital gains tax.
All adults can save a total of £20,000 each year in Isas, whether that be a cash Isa, Stocks and Shares Isa or a Lifetime Isa. Importantly, if you don’t use all the allowance, it can’t be carried forward, so you lose it for good. Investors with unused Isa allowance for this year should consider using it if they can before the 5 April deadline.
The tax year end is approaching, with the new tax year beginning on April 6.
With just over two months to go until April 5, AJ Bell’s financial analyst, Laith Khalaf has outlined some areas investors should be considering in order to make the most out of their long-term savings.
Among his suggestions, Mr Khalaf addressed ensuring parents and guardians can continue to receive Child Benefit. All parents are entitled to Child Benefit, but as soon as one of them earns more than £50,000 they will see the amount they get whittled away, before the benefit is completely wiped out when they earn £60,000 or more, he said.