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Investment Advice

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Early Birds Earn Better Returns

Invest at the beginning of the tax year and earn an extra £1,000*

The 2018/19 tax year starts today. Make the most of your ISA allowance by investing now The earlier in the tax year you invest, the more you will earn. Investing now rather than at the end of the tax year.

The 2018/19 tax year starts at the stroke of midnight between the 5th and 6th of April.  While many individuals leave tax planning to the end of the tax year, you can look to maximise the benefits by using your personal tax allowances* and reliefs straight away.  Please get in touch to take advantage of one or more of the following:

Income Tax

  • The tax free personal allowance has increased to £11,850 from £11,500
  • Basic rate tax of 20% will be payable on income above the tax free allowance and up to the new higher rate threshold of £46,350 (which has increased from £45,000).
  • Additional rate income tax remains the same at 45% on income above £150,000

Savings

  • The Junior ISA allowance has risen to £4,260 from £4,128 for children under 18.
  • The adult ISA allowance of £20,000 remains unchanged.
  • If you are 16 or 17 this tax year (or have children of these ages), they can benefit from both the Junior ISA allowance and adult ISA allowance (cash only).
  • The Personal Savings Allowance, which gives you tax-free savings interest, remains £1,000 for basic rate tax-payers.  This reduces to £500 for higher rate tax payers and additional rate tax payers do not get any allowance.

Pensions

  • The State Pension has increased by 3%, which for the full allowance is an increase of £4.80 a week to £164.35
  • Minimum pension contributions (paid by employers and employees) through auto-enrolment have risen to 5% (2% employer and 3% employee) from 2% (1% employer and 1% employee)
  • The Lifetime Allowance for pension savings has increased to £1,030,000.
  • The Annual Allowance stays the same at £40,000 (though this reduces for individuals with income over £150,000 or if you have already accessed your pension savings)

Inheritance Tax

  • The Residence Nil Rate Band has risen to £125,000 from £100,000.
  • This can be added to the £325,000 Inheritance Tax allowance when a direct descendant inherits someone’s main house.
  • The annual gifting allowance remains the same at £3,000 and if you did not use it in 2017/18, this can be carried over to this tax year.

Investments

  • The tax-free Dividend Allowance has reduced to £2,000 from £5,000 (although dividends received by pension funds and ISAs remain tax-free).
  • There is no change to the taxation of Venture Capital Trusts, so you can invest up to £200,000 and get up to 30% income tax relief.
  • Similarly, the taxation of Enterprise Investment Schemes is unchanged, meaning you can invest up to £1 million and claim up to 30% income tax relief.

Capital Gains Tax

  • The Capital Gains Tax allowance has increased to £11,700 from £11,300.
  • Married couples and civil partners will continue to be able to combine their annual allowances.

Landlord Mortgages

  • Landlords will only be able to offset 50% of their mortgage interest payments against their rental income (down from 75%).
  • By 2020, there will only be a 20% tax credit saving from a landlord’s mortgage interest.

CONTACT FOR FURTHER INFORMATION
Nurture Financial
Scottish Provident Building, 6 Donegall Square West, Belfast, BT1 6JH
Tel:  02890 912877
Mob:  07818 895500
Or just enquire via Staff Services

Get in contact
Email: admin@staffservices.co.uk
Or phone
Direct: Tel. 028 9063 8648 Internal: B.C.H. Ext.38648
Just call in:
Staff Services D Floor Belfast City Hospital BT9 7AB

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