It’s the 20th birthday for tax-free investment in ISAs. With the deadline for contributions approaching, have you made the most of your allowances? The arrival of the new tax year on 6 April means that it is time to consider your Individual Savings Accounts (ISA) investments, which will celebrate their 20th birthday in April. Over the past 20 years, the maximum annual contribution has risen from £7,000 per tax year to £20,000 for 2019/20.
Changes to income tax, NICs and pension contributions are coming for 2019/20. One of the few certainties about 2019 is that the new tax rates and thresholds will take effect from the start of the 2019/20 tax year on 6 April and whilst the focus tends to be on year-end tax planning at this time of year, it is important to look forward to the new tax year and the changes that it will bring. From 2019/20 changes will come into effect for key income tax rates and thresholds, as well as pensions.