{"id":601,"date":"2022-02-14T10:36:32","date_gmt":"2022-02-14T10:36:32","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/quilter\/?p=601"},"modified":"2022-02-14T10:36:55","modified_gmt":"2022-02-14T10:36:55","slug":"tax-year-countdown-consider-the-variables","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/quilter\/2022\/02\/14\/tax-year-countdown-consider-the-variables\/","title":{"rendered":"Tax year countdown \u2013 consider the variables"},"content":{"rendered":"
\n

There was little to grab the headlines in the personal\nfinancial planning arena last year, as there were no major changes announced to\nIncome Tax, Inheritance Tax, pensions or Capital Gains Tax. However, other\nfactors, such as higher inflation and the freezing of allowances, shouldn\u2019t be\noverlooked and should be on your radar before the end of the tax year:<\/strong><\/p>\n<\/div>\n\n

\n

Inheritance Tax<\/strong><\/p>\n<\/div>\n\n

\n

Official figures from HM Revenue and Customs (HMRC) for\nApril to September 2021 show that IHT receipts totalled \u00a33.1bn, \u00a30.7bn higher\nthan the same period in 2020. With the nil rate band and residence nil rate\nband frozen until April 2026 at \u00a3325,000 and \u00a3175,000, respectively, effective\nestate planning is vital.<\/p>\n<\/div>\n\n

\n

Individual Savings Accounts (ISAs) The ISA limit has now\nbeen frozen at \u00a320,000 for five years. JISAs celebrated their tenth birthday in\nNovember \u2013 the allowance remains at \u00a39,000.<\/p>\n<\/div>\n\n

\n

Pensions<\/strong><\/p>\n<\/div>\n\n

\n

The Lifetime Allowance remains at \u00a31,073,100 and the Annual\nAllowance remains at \u00a340,000. As these allowances won\u2019t be increasing with\ninflation, it effectively means you can save less in real terms each year if\nyour pension savings are large enough to be affected.<\/p>\n<\/div>\n\n

\n

Dividend Tax<\/strong><\/p>\n<\/div>\n\n

\n

Dividend Tax is set to increase by 1.25 percentage points\nfrom 6 April 2022 to help fund health and social care. This means investors\nwill have to pay more on any income from shares held outside ISAs and above the\n\u00a32,000 dividend allowance.<\/p>\n<\/div>\n\n

\n

Talk to us<\/strong><\/p>\n<\/div>\n\n

\n

There are many variables that affect your finances \u2013\ninflation, interest rates, taxation and frozen allowances \u2013 all of which will\naffect each individual differently. Talk to us to get personalised advice.<\/p>\n<\/div>\n\n

\n

It is\nimportant to take professional advice before making any decision relating to\nyour personal finances. Information within this article is based on our current\nunderstanding and can be subject to change without notice and the accuracy and\ncompleteness of the information cannot be guaranteed. It does not provide\nindividual tailored investment advice and is for guidance only. Some rules may\nvary in different parts of the UK.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

There was little to grab the headlines in the personal financial planning arena last year, as there were no major changes announced to Income Tax, Inheritance Tax, pensions or Capital Gains Tax. However, other factors, such as higher inflation and the freezing of allowances, shouldn\u2019t be overlooked and should be on your radar before the […]<\/p>\n","protected":false},"author":12,"featured_media":597,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/601"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/comments?post=601"}],"version-history":[{"count":4,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/601\/revisions"}],"predecessor-version":[{"id":605,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/601\/revisions\/605"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media\/597"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media?parent=601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/categories?post=601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/tags?post=601"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/hd_content_source?post=601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}