The end of the tax year 2014/15: another financial milestone

The UK is nearing the end of its tax year, meaning it’s that time again to think about your residency, taxation liabilities, pension and ISA contributions. This tax year will end on 5th April and we’re now heading into the busiest month of the year for private client advisers and accountants. If you have changes to be made or require a full review of your financial circumstances, now is probably the best time of the year to sit down and plan. This new financial year brings several new pieces of legislation, headlines of which we’re sure you’re aware of, but make sure you stay ahead of the new rules, plan properly and effectively for the future, ensuring your financial position is stable and forward-thinking. Ask your consultant about how the changes will affect you. Only this year we’ll see: Changes to pension death tax Adjustments over income tax bands New ISA subscription limits Improvements in death tax for private pensions Pension flexibility – unlimited income drawdown New limitations to QROPS contracts An increase in the remittance tax charge for those resident for over 17 of the past 20 years

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