Pre 5-Apr-22 personal tax planning

1st February 2022

With the next personal tax year end just around the corner, make sure you use all the allowances and reliefs available to you:

Income Tax

  • Consider bringing forward income (salary or dividends) to before 5 April 2022, to avoid the 1¼% increases in NIC and dividend income tax rates.
  • Use annual relief for pension contributions.  Relief can be carried forward for a limited time but unused relief from 2018/19 must be used by 5 April 2022
  • For those wishing to follow a £50k or £100k income strategy, for income tax or high income child benefit purposes:
    • Pension contributions can preserve the personal allowance for higher earners.
    • Gift aid donations can have the same effect.
  • Use your ISA allowances, or lose them.  ISAs can shield you from the increase in dividend tax rates, due to take effect on 6 April

Capital Gains Tax

  • Consider bed and breakfasting quoted shares (to spouse or ISA) sitting on a paper gain
  • Crystallize capital losses? Get the timing right but note that losses on unquoted shares can sometimes be set against income
  • Consider investments in a VCT, EIS or SEIS.

Inheritance Tax

  • Use your Inheritance tax annual gifts exemption

Whitings “a Brief Guide to”: Pre tax year end planning


Consult your usual Whitings professional for a more in-depth, bespoke tax planning review.

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