Time is of the essence – the 2024/25 tax year ends on 5th April, and now is the perfect time to give your personal finances a spring clean.  

One of the most important things you can do is to make sure you’ve made use of the relevant annual ISA and pension allowances. 

We’ve put together some key dates for your diary – so you’re aware of deadlines and the allowances available to you and your family.  

Dates to note: 

• Thursday 20th March: deadline to move money from your investment account to your ISA (Bed & ISA).  

• Friday 28th March: to qualify for the 2024/2025 tax year, money will need to reach your ISA or pension (SIPP) account by this date. 

• Sunday 6th April: new 2025/2026 tax year – your new tax allowances will be available. 

2024/25 allowances 

For the current tax year, the total ISA allowance is £20,000. If you’d like to save on behalf of a child, you can also open a JISA to save an extra tax-free sum. For the current tax year, that’s up to £9,000. 

The standard annual pension allowance for most people is £60,000. This applies across all your pension savings, not per scheme.  

While unused ISA allowances get lost once the tax year ends, unused pension allowances from previous years can be utilised via carry forward. 

Act now 

These measures are not an exhaustive list and there are other tax allowances available. If you would like to find out more about improving your tax position or making the most of your allowances, then please get in touch with your EQ Planner to discuss your options. 

Please remember, this content is provided for information purposes only. Investment involves risk. Past performance is not a guarantee or indication of future results. Investment return and the principal value of an investment may go up or down and may result in the loss of the amount originally invested. All investors should seek professional advice prior to any investment decision, to determine the risks associated with the investment and its suitability.