As we enter the 2026/27 tax year, it is a good time to review your financial arrangements and consider how to make full use of available allowances and reliefs.
When tax planning forms part of a structured financial plan, it can support long term objectives like retirement planning, estate planning and wealth preservation.
At McMillan Financial Advice, we work with individuals, families and business owners to review their position at the start of the new tax year and ensure decisions remain aligned with their wider financial goals and personal circumstances.
Areas to Consider at the Start of the New Tax Year
ISAs
ISA investments provide tax efficient growth and income. Unused allowances cannot be carried forward, so reviewing your ISA strategy early in the tax year can help you make the most of available allowances.
Pensions
Pensions play a central role in long term financial planning. Contributions may benefit from Income Tax relief, subject to personal circumstances and annual allowance limits.
For this tax year, the standard annual allowance is £60,000. Tax relief on personal contributions is limited to up to 100% of relevant UK earnings or £3,600 if earnings are lower.
A review at the start of the tax year can help ensure pension contributions remain appropriate and aligned with retirement objectives.
Capital Gains Tax
Capital Gains Tax planning can be complex. Reviewing investments and disposals before 5 April may allow you to make use of available exemptions where appropriate.
Professional advice can help clarify how current rules apply to your situation.
Estate and Business Planning
The start of a new tax year can also be a good time to review estate planning arrangements and business related tax considerations, ensuring they remain aligned with your wider financial strategy.
Tax Year-End Guide and Checklist
The Tax Year-End Guide and Checklist outlines key allowances and considerations for the current tax year.
It is designed to help you prepare for a discussion with your adviser and ensure relevant areas have been reviewed at the start of the new tax year.
If you would like to discuss your position, please contact our team.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief is generally dependent on individual circumstances.
