BROWNING
FINANCIAL PLANNING
01803 60 67 66
E-mail Us
Book Appointment
Are you on track for a comfortable retirement? TAKE THE TEST
Dominic Browning, Managing Director
Posted by Dominic Browning
04/04/24
News, Resources, Insight and Opinion from Browning Financial Planning

Reduction in tax allowances

Dominic Browning, Managing Director
Posted by Dominic Browning
04/04/24

General Investment Accounts (GIAs) are subject to Capital Gains and Dividend tax but have had some fairly generous annual allowances until recently, when the Tory government started taxing aspiration.

From Saturday, all your gains will be subject to tax at either 10% or 20%, EXCEPT for the first £3000. It is currently £6000 and was previously £12,300. For investors (and business owners) who receive dividend income, you used to be able receive the first £5000 tax-free. Then it was £2000, currently £1000 and going down to £500 after Saturday. SO MAKE SURE YOU ALWAYS MAXIMISE YOUR ISA ALLOWANCE.

If you have a sizeable GIA, we can set up your account so that each year, £20,000 will be automatically transferred from it and in to your ISA. It is called a "bed and ISA". Please let us know if you are interested.

More News, Insight & Opinion
Inheritance Tax discounts for jointly-owned property

If you own property with someone else (for example your spouse) when you die, you can claim a reduction in the value of your share for Inheritance Tax purposes. Continue

WIdows/Widowers and Inheritance Tax

Did you know that if a a widow and widower get married, then on their deaths, they may be able to leave up to £2,000,000 to their families with paying Inheritance Tax (IHT)? How is this possible? Continue

The Importance of Regular Savings

The number one factor in building a retirement or investment pot is investing regularly over the long-term and keeping it going until the day when you need to draw down on your investments or pension pot. Continue

Is a Lifestyle Trust the right IHT solution for you?

It is getting harder and harder to shelter your assets from the Government when you die, as the Inheritance Tax (IHT) thresholds have not changed since 2009. Continue

Inheritance Tax Planning

Trying to pass on as much as your wealth as possible to your children is getting harder and harder, due to the freezing of the IHT (Inheritance Tax) thresholds since 2009.  Continue

Investment Bonds

An investment bond is a packaged investment offered by a life company as opposed to an investment company. They work differently to investment company package products (known as General Investment Accounts or GIAs). Continue

More Articles