There is are a range of tax-free allowances to use before the end of the tax year on 5 April. The first £12,570 of income is covered by your personal allowance and received tax-free (unless your total income exceeds £100,000.) A further £1,000 of dividend income is covered by a dividend allowance (if not already covered by the personal allowance), and there is no tax to pay.

Basic rate and higher rate taxpayers can also benefit from the personal savings allowance, which means the first £1,000/£500 (respectively) of interest again is free from tax.

Paul Haywood-Schiefer, senior manager at Blick Rothenberg, said: ‘You should consider using the capital gains tax annual exempt amount. You can receive up to £6,000 of capital gains completely tax-free. Therefore, you might just want to use this to re-invest the gains.