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 New Tax year April 2010 As we go into the new tax year there are a number of things to consider in tax planning terms. The annual ISA allowance increases to £10,200 per person. Up to half of this can go to a Cash ISA with the remainder going to a Stocks & Shares ISA. Alternatively the whole amount can go to a Stocks & Shares ISA. You could consider making regular contributions rather than one off amounts to ‘average out’ your investment in case of volatile stockmarkets. Make sure existing ISAs are earning reasonable returns, Cash ISA initial offers often expire resulting in a much lower interest rate. You can transfer previous years’ Cash ISA allowances to get a better rate. Consider making pension contributions also, particularly if you pay higher rate tax as the amount of contributions that ‘high earners’ can pay and claim higher rate tax relief are starting to be restricted.
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