The 2022/23 tax year is here

Pensions

• Up to £40,000 or an amount that is equal to your annual salary (whichever figure is lower) can be paid into your pension this tax year and still receive tax relief. This is known as the pension annual allowance

• For higher earners, this could taper down to £4,000

• If you have not used your full pension annual allowances in the last three tax years, you could carry these over using pension carry forward

ISAs

• The annual ISA allowance is £20,000 for a standard adult ISA and it’s

• £9,000 for a Junior ISA

Dividends and gains

• You can receive up to £2,000 in dividend income before you pay dividend tax

• On the sale or disposal of certain assets, the first £12,300 of profits (or ‘gains’) will not be subject to capital gains tax this tax year

Financial gifts

• Each tax year, you are given a range of exemptions when making financial gifts which could help to reduce your inheritance tax bill

Talk to Tilney

If you want to know more about how you can make the most of your allowances this tax year, speak to one of our experts. Book a no-obligation consultation online or call us on 020 7189 2400.

Book now

Issued by Tilney Financial Planning Limited.