Max your tax efficiency
3 smart ways to make your money work harder for you and your family.
1. Save or invest with an ISA
ISAs let more of your money work harder for you. Depending on your needs, you can save or invest up to £20,000 across Cash ISAs, Stocks and Shares ISAs, and Lifetime ISAs (LISA) this tax year. And any growth or income would be protected from UK tax.
Saving for a child? A Junior ISA lets you tuck away up to £9,000 a year with no UK tax due on any growth — and it doesn’t affect your own allowance.
2. Plan as a couple
If you’re married or in a civil partnership, you might be able to make the most of your allowances by sharing assets. This can help you use both of your limits and could reduce what you pay in tax overall.
It’s always a good idea to get professional advice before making decisions about tax planning.
With a few smart steps, you could keep more of what you earn.
3. Boost your pension
Your pension is one of the smartest ways to prepare for later life, because it offers a number of tax advantages.
For example, for every £80 you pay in, HMRC will add £20 tax relief, bringing your total contribution to £100. If you’re a Higher or Additional-rate taxpayer, tax relief can be worth double that or more.
If you’re a member of your employer’s pension, they may match what you pay in and sometimes even more. Maximising employer contributions is a no-brainer.
The value of investments, and the income from them, can fall as well as rise and you may get back less than you invest. Investments should generally be held for five years or more. Tax treatment depends on individual circumstances and may change in the future.
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