Year End Tax Planning 2021/2022

Tax Planning Opportunities Reminder

As we move towards the end of the tax year it is important to consider whether full advantage has been taken of tax planning opportunities available to individuals. And if there are any actions which it is worth taking before 5th April.

Things to consider:

  • Has full advantage been taken of the pension annual allowance. Is there any carry forward allowance which may be about to expire. This can include for children and non working spouses although limited to £3,200 per annum
  • Has full advantage been taken of ISA allowances
  • Has the capital gains tax annual exemption been fully utilised including both annual exemptions available to a married couple
  • Is it appropriate to realise any capital losses to offset any capital gains which would otherwise be taxable
  • Has full use been made of the savings annual allowance, dividend allowance and lower rate bands. 
  • Has consideration been given to any charitable donations. It may be appropriate to make now if future income levels are likely to be lower than currently
  • Are there any IHT planning steps which should be taken before the end of the tax year. Such as the annual gift allowance and gifts out of surplus income which should be made annually.

Additional points for non UK domiciliaries to consider

Where the individual will reach a residence milestone such as 7 of 9 years and 12 of 14 years and 15 of 20 tax years, there may be transactions that can be undertaken in the current tax year. This may avoid the need for a remittance basis charge to be paid, or ensure that it it benefits from the remittance basis rather than being taxed on the arising basis as a deemed domiciled individual. 

Those who are newer to the UK should also consider whether they wish to make a capital loss election. The deadline for this is four years after the end of the tax year for which the remittance basis was first claimed. 

If you would like any advice on your year end tax planning please don’t hesitate to get in touch.

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