Are you using your allowances in 2019/20

Every year HMRC allows you, as an individual to use the allowances below to offset against various forms of chargeable tax. If you do not use them in the tax year they could be lost and you might not be able to reclaim these for a previous year.

Personal Tax Allowance

£12,500

Savings Allowance

£2,000 – Basic Rate Taxpayer

£500 – Higher Rate Taxpayer

£0 – Additional Rate Taxpayer

ISA Allowance

£20,000

Lifetime ISA Allowance

£4,000

Junior ISA Allowance

£4,368

Capital Gains Tax Allowance

£12,000

Dividend Allowance

£2,000

Annual Pension Contribution Allowance

£40,000

Money Purchase Annual Allowance (MPAA)

£4,000

Pension Lifetime Allowance

£1,055,000

Inheritance Tax Threshold

£325,000

Residence Nil Rate Band

£150,000

Annual Gifts

£3,000

Ad-hoc Gifts

£250

Wedding Gifts

To a child - £5,000

To a grandchild - £2,500

Anyone else - £1,000

For more information, please call 0808 144 5575 to speak with one of our Financial Planning Consultants or download your free guide to your allowances below.

Download now