Anyone with spare cash needs to make sure they are using their tax exemptions and reliefs before 6 April, including inheritance tax gifting, crystallising gains to reduce CGT liability and topping up pension contributions
The 2024-25 tax year is coming to a close against a very uncertain political and economic backdrop.
Chancellor Rachel Reeves is due to make a Spring Statement on 26 March, which had previously been flagged as an economic and fiscal update that would not include the sort of tax policy announcements now reserved for the Autumn Budget, but there are concerns that taxes may once again come under scrutiny.
Gary Smith, partner in financial planning at Evelyn Partners, said: ‘There is speculation in some quarters that the government might be forced into some sort of revenue-raising announcement at the Spring Statement towards then end of this month.
‘For the UK taxpayer though, the main focus right now should be the allowances they will lose after 5 April and what they can do with their own finances to put themselves in the most tax-advantageous position possible.
