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It is approaching the end of the 2006/07 tax year is there anything I need to be aware of regarding year end tax planning. - part 1 of 1 2

Published 01/02/2007

Unfortunately there is very little tax planning available, however, the following is a summary of some simple things that can be done:

Inheritance Tax

· Annual exemption - Gifts of £3000 per year can be made free from Inheritance tax,. An unused exemption can be carried forward 1 year so that a total of £6000 could be gifted. For a husband and wife this could total £12,000.
· Children got married - then a gift of £5000 per parent can be made in year of marriage.
· Grand kids got married - then a gift of £2500 per grandparent can be made in year of marriage.
· Consider utilising the use of the annual IHT nil band (currently £285000) either by making gifts as above or inserting appropriate clause in your will.

Investments

· Invest in an ISA before 5 April 2007and take advantage of the taxfree savings it allows.
· Consider transferring income-generating assets between spouse/partner to the person with the lowest income.
· Look at tax-free investments offered from National Savings.

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1st Published 01/02/2007
last update 09/12/2022 14:53:50

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