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Use it or lose it

Where has the year gone? It’s the end of
February already! Or to put it another way, there’s only five weeks
to go before the end of the tax year.

What does that mean in investment terms? Well, for those who want to make
the most of their ISA allowance but have yet to do so that means
there is not much time left to put intentions into practice. The
annual ISA allowance of £20,000 for adults, or £9,000 for juniors
comes on a ‘use it or lose it’ basis. Step past the end of the
tax year and any ISA investments will then come under the next
tax-year allowance. At the time of writing those allowances will be
unchanged for 2023/24 but with the Spring Budget due on 17^th
March we cannot be certain on this.

Pension payments are slightly different in that in certain circumstances
there may be scope to make payments in one year based on previous
years’ income. However, the rules on this are fairly strict so it
does pay to understand what your options are before the end of the
tax year.

If you are looking for advice on investments, or if your situation has
changed and you may therefore need to review your existing pensions
or investments, contact Beckworth by using one of the links on our
website.