There are many things to think about as the end of the tax year approaches, especially if you want to save money as efficiently as possible. With the April 5 deadline just around the corner, we’ve put together a checklist to help you complete your tax year financial tasks with confidence and make the most of your precious tax dollars.
Find out about the markets, ISA funds, pension savings and much more
Investments – 3 items on the list
1. Increase your annual ISA allowance – in the current tax year you can save and invest up to £20,000 and pay no tax, interest or capital gains tax on your investments. Unlike your annual pension, you will not be able to continue. So, if you don’t use it, you will lose it. Read more about ISA allowances.
2. Pay into a Junior ISA – the 2025/2026 allowance for JISA contributions is £9,000. Saving money for a child gives you another way to save and invest in a tax-efficient way for your child, giving them financial strength until they reach adulthood once they turn 18, when they may need it. Learn more about our Junior ISA.
3. Fill the Bed with ISA – if you haven’t used up all the ISA allowances and you have money in an Investment Account, it is possible to transfer money from that Investment Account to your ISA.
However, it is important to note that you will not be in the market while the money is being transferred, and it is considered a taxable event for Capital Gains Tax (CGT) purposes. How long the migration may take depends on your provider. So, check with your provider to make sure everything goes through before the end of the tax year.
At Fidelity, we need to receive the completed Bed and ISA form by 27 March 2026 in order to process it in time. You can fill this out online or mail it in.
Pensions – 5 items on the list
1. Make the most of your annuity – In each tax year, you can get tax relief on pension contributions of up to £60,000 or 100% of your salary (whichever is lower). If you have no income or very low income, the allowance is £3,600 including tax relief. Special conditions may apply if you have already taken a taxable amount from your pension savings. And be aware that if you earn more than £200,000, your annual income may be lower, or ‘tapered’. Learn more about pension benefits.
2. Advance pension funds – if you used your annual allowance for the current tax year, you can use any unused annual allowance from the previous three tax years. To do this, you need to adapt to certain conditions so it is better to check regularly. Read more about cave forward allowance.
3. Pay into your spouse’s or civil partner’s pension – if your other half is unemployed or unemployed you can pay £2,880 each year into a spouse or civil partner’s pension scheme, and it will be topped up by the government to make a total contribution of £3,600.
4. Pay into Junior Self-Invested Personal Pension (JSIPP) – you can also contribute up to £2,880 a year to a Junior SIPP and the government will add £720 of tax relief (20%), taking the total up to £3,600. Learn more about our Junior SIPP.
5. If you are already taking retirement benefits – use your personal, savings and distribution allowances for income tax purposes. Consider organizing your money by taking cash and interest from your portfolio using the capital gains amount, which is currently £3,000.
Tax – 2 items on the list
1. Capital gains tax (CGT) – the 2025/2026 CGT allowance is £3,000. Learn more about capital gains tax.
2. To reduce your inheritance tax (IHT) liability – there are a number of annual IHT allowances that can reduce your IHT liability if you need it. The annual gift allowance is £3,000 and you can split this amount between one or more people. You can also roll over unused annuities to give £6,000 in one year. What’s more, you can give £250 a year to as many people as you like, but only if they haven’t benefited from your annual release. It is also possible to give an ordinary amount that you do not need from your salary, as long as this is not necessary to maintain your standard of living.
Finally, you can contribute to someone else’s wedding, as long as you give this money before the wedding day, and it really happens. You can give £1,000 to someone you know, £2,500 to a grandchild, and £5,000 to a child. A word of caution about giving gifts… it’s best to keep track of any gifts, as they may be suspect in the future. Read more about gift and inheritance tax.
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