The start of the new year is the time when tax planning comes to the fore in the financial planning calendar. It gives enough time to put anything in place before the end of the tax year on April 5th.
But does the General Election on 12th December mean tax planning should take place early? While we do not have all the manifestos, we know taxes could rise under a non conservative government. In addition, the reliefs and exemptions currently available are unlikely to get better than they are at present.
The first budget for a new government might take place in January. Potentially losing certain exemptions and allowances may serve as a call to bring forward action that might otherwise have taken place later in this tax year or not at all. We cannot guarantee things will be worse or better. However, it could be better to get things in order now rather than operating on the basis of “wait and see”.
Our Tax year-end planning checklist for individuals is a handy checklist of suggested planning considerations.
