The new tax year is here

The new tax year is here

Published: 06 Apr 2020 Updated: 13 Jun 2022

6 April – it’s the start of the new tax year. With all your new annual tax allowances now available, this is traditionally a time when people take stock of their finances and make plans for the future.

This year, of course, is like no other and many of us clearly have other priorities and concerns. But if this period of isolation is giving you the time and space to organise yourself and make plans, our team at Tilney is here to help you. The sooner you make the most of your allowances, the sooner you reap the benefits.

Your 2020/21 allowances

This tax year:

  • Your ISA allowance is £20,000
  • The allowance for Junior ISAs has risen from £4,368 to a very generous £9,000

  • You can invest up to £40,000 in a pension. If you’re a higher earner, the tapered annual allowance has also changed

How Tilney can help

Our advisers offer initial telephone consultations to give you the opportunity to talk about your specific financial circumstances, ask questions and find out how a Tilney adviser could help you. We’d love to speak to you. These consultations are free and there is no obligation to take any of our services.

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This article was previously published on Tilney prior to the launch of Evelyn Partners.