The Great Debate UK

Tax year end – are you ready?



Rachel Mason is public relations manager at independent financial service providers Fair Investment Company.The opinions expressed are her own. Reuters will host a “follow-the-sun” live blog on Monday, March 8, 2010, International Women’s Day. Please tune in.-

With the end of the tax year fast approaching, now is the time to make sure all your finances are in order and that you are maximising all the annual allowances, reliefs and exemptions available.

Make the most of your ISA allowance – aged 50 and over, you’ve got an extra 3,000 pounds!

You can’t carry your ISA allowance over into the next financial year, so if you haven’t made the most of it – use it, or you’ll lose it. The current limit is 7,200 pounds – all of which can be invested into a stocks and shares ISA or up to 3,600 pounds can be invested into a cash ISA with the remainder in stocks and shares.

But for those aged 50 and over, the limit is £10,200, £5,100 of which can be invested in a cash ISA.  This new limit, which came into force in October 2009, will be extended to all other ISA investors from April 6th 2010.