PROMOTION Three things to think about The tax year-end is looming and there may be a few things you haven't yet considered ave you maximised your tax efficiency and allowances? If not, there's still time. We've come up with our top three suggestions to think about before s April 2020. UTILISE THE CAPITAL GAINS TAX ANNUAL EXEMPTION A'useit or lose it' relief is the Annual Exemption from Capital Gains Tax. Total gains below the limit of £12,000 for 2019/20 have no charge to Capital Gains Tax. If you don't use It, it cannot be carried forward to the following year. Are you holding onto assets at a gain that you could dispose of and utilise your annual exemption? MAXIMISE AVAILABLE INCOME TAX ALLOWANCES If domiciled and resident in the UK, you are entitled to a tax-free personal allowance for the year of £12,500, below which, no Income tax liability arises. If your total taxable income exceeds E100,000, this personal allowance is reduced. You are also entitled to a tax-free dividend allowance of E2,000, and a tax-free savings allowance for interest income of E1,000 for basic rate taxpayers and £500 for higher rate taxpayer Perhaps you can reorganise your income sources to make use of these allowances ready for the new tax year? UTILISE ANNUAL GIFT EXEMPTIONS FOR INHERITANCE TAX There are a number of potential exemptions available, but the standard annual exempt amount is E3,000. If the total you have gifted within a tax year is less than £3,000 then the gifts will be immediately exempt and the seven year survivorship rule does not apply. You can also carry forward any unused annual gift exemption for ar. There are many other opportunities available to ensure you maximise your tax efficiency and use of allowances. At Old Mill we have a team of tax specialists who would be happy to work with you to assess your tax position. Call us or visit our website to find out more. Nicola Alon 01935 709382 nicola.allen@om.uk OLD M'LL Financial experts, fuelling ambition Award winning Financial Planning, helping you to enjoy the finer things in life enquiriessom.uk 01749 343366 om.uk/somerset 000 PROMOTION Three things to think about The tax year-end is looming and there may be a few things you haven't yet considered ave you maximised your tax efficiency and allowances? If not, there's still time. We've come up with our top three suggestions to think about before s April 2020. UTILISE THE CAPITAL GAINS TAX ANNUAL EXEMPTION A'useit or lose it' relief is the Annual Exemption from Capital Gains Tax. Total gains below the limit of £12,000 for 2019/20 have no charge to Capital Gains Tax. If you don't use It, it cannot be carried forward to the following year. Are you holding onto assets at a gain that you could dispose of and utilise your annual exemption? MAXIMISE AVAILABLE INCOME TAX ALLOWANCES If domiciled and resident in the UK, you are entitled to a tax-free personal allowance for the year of £12,500, below which, no Income tax liability arises. If your total taxable income exceeds E100,000, this personal allowance is reduced. You are also entitled to a tax-free dividend allowance of E2,000, and a tax-free savings allowance for interest income of E1,000 for basic rate taxpayers and £500 for higher rate taxpayer Perhaps you can reorganise your income sources to make use of these allowances ready for the new tax year? UTILISE ANNUAL GIFT EXEMPTIONS FOR INHERITANCE TAX There are a number of potential exemptions available, but the standard annual exempt amount is E3,000. If the total you have gifted within a tax year is less than £3,000 then the gifts will be immediately exempt and the seven year survivorship rule does not apply. You can also carry forward any unused annual gift exemption for ar. There are many other opportunities available to ensure you maximise your tax efficiency and use of allowances. At Old Mill we have a team of tax specialists who would be happy to work with you to assess your tax position. Call us or visit our website to find out more. Nicola Alon 01935 709382 nicola.allen@om.uk OLD M'LL Financial experts, fuelling ambition Award winning Financial Planning, helping you to enjoy the finer things in life enquiriessom.uk 01749 343366 om.uk/somerset 000