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What does the 2015/16 tax year mean for you?

April marks the start of the new tax year, which brings a variety of changes to tax, pensions and ISAs. To help you make the most of your finances in 2015/16, we have outlined some of the changes that will affect you below:

  • Personal allowance – The amount that individuals can earn before paying income tax has risen from £10,000 to £10,600 for 2015/16. The allowance for those who were born between 6 April 1938 and 5 April 1948 has increased by £100 and will match the £10,600 limit. However, the allowance continues to remain frozen at £10,660 for individuals born before 6 April 1938.

  • ISA limit – The maximum you can save in either a cash or stocks and shares ISA has risen to £15,240. This tax-free allowance can be use in one account or spread across both. For example, you can save £10,240 in a cash ISA and £5000 in a stocks and shares ISA in the tax year.

  • State pensions – The guaranteed set weekly income for those of state pension age has increased from £113.10 to £115.95.

  • Inheritance Tax – The IHT limit for the 2015/16 tax year remains frozen at £325,000.

  • Pension contributions – The annual allowance will remain unchanged at £40,000. The lifetime allowance is also still frozen at £1.25 million for this tax year.

  • Capital Gains – The tax-free amount on total gains has risen from £11,000 to £11,100. If the total gain from the sale of assets, including shares or second properties exceeds the £11,100 allowance, the excess will be liable for Capital Gains Tax.

If you have any questions regarding the latest changes from the new tax year, please contact Retirement and Investment Solutions on 01489 878300 or email This email address is being protected from spambots. You need JavaScript enabled to view it. .

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