The end of the tax year on 5 April 2026 provides an opportunity to review your financial arrangements and consider whether you are making full use of available tax reliefs and allowances.
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 ahead of the tax year end and ensure decisions remain aligned with their wider financial goals and personal circumstances.
Areas to Consider Before the Deadline
ISAs
For the 2025/26 tax year, individuals can contribute up to £20,000 into ISAs. Junior ISA allowances are currently £9,000.
ISA investments provide tax efficient growth and income. Unused allowances cannot be carried forward, so reviewing contributions before 5 April is important.
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 before the end 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 tax year end can also provide an opportunity to review estate planning arrangements and business related tax considerations to ensure they remain suitable and aligned with your wider financial strategy.
Tax Year-End Guide and Checklist
The Tax Year-End Guide and Checklist outlines key allowances and considerations ahead of 5 April 2026.
It is designed to help you prepare for a discussion with your adviser and ensure relevant areas have been reviewed before the end of the tax year.
If you would like to discuss your position, please contact our team.
