Andy Woollon: Year-end tax-planning traps and opportunities

New allowances to consider

clock • 4 min read

With a number of new allowances for advisers to bear in mind this year, Andy Woollon offers a rundown of tax-planning opportunities that have a 5 April deadline and highlights some potential traps to avoid

Tax year-end is almost upon us and this time there are a number of new allowances advisers need to consider to help clients maximise their tax efficiency. Here is a rundown of tax-planning opportunities with a 5 April deadline - as well as some potential traps to avoid. Claim two lots of marriage allowance Marriage allowance enables a non-taxpaying partner (born after 5 April 1935 and not in receipt of the married couple's allowance) with unused personal allowance to transfer 10% of it to the other basic rate taxpaying partner. With maximum tax relief of 20%, this is a tax saving of £2...

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