Make the most of your 2023/24 allowances

With the current tax year-end fast approaching, we have created a dedicated information hub to provide you with key dates, documents and tips to help make the most of your various tax allowances.

If you are aware of any remaining tax allowances that you are yet to make use of, you may wish to follow the step-by-step guide below to contribute to your account(s) and make the most of your allowances before the tax year-end. But as always, if you are unsure or have any questions, please do not hesitate to contact your 7IM Private Client Director.

Before making any changes to your pension, please seek financial advice from either your 7IM Financial Planner or an external Financial Adviser. If you are unsure of your current pension arrangements, please speak to your 7IM Financial Planning Director or 7IM Private Client Director. Tax treatment will depend on your individual circumstances and may be subject to change. 7IM are not tax advisers. Tax rules are subject to change and taxation will vary depending on individual circumstances.

Key dates

Final date for ISA payments to be received
Tuesday 02 April 2024

Final date for SIPP payments to be received
Thursday 04 April 2024

Last date any paperwork can be accepted by 7IM
Thursday 04 April 2024

Last working day before tax year-end
Thursday 04 April 2024

Tax year-end
Friday 05 April 2024

New tax year
Saturday 06 April 2024

A reminder of the allowances for the 2023/24 tax year

ISA

The allowance for ISA subscriptions is £20,000 per individual.

Further information

Junior ISA

The allowance for subscriptions into a Junior ISA is £9,000.

Further information

Pension Contributions

Annual contribution allowance for pensions is £60,000.

Further information

Capital Gains Tax

Capital Gains Tax (CGT) allowance for an individual is £6,000 and £3,000 for a trust.

Further information

Take advantage of your ISA/JISA allowances in three easy steps:

Make the most of your £20,000 ISA allowance or £9,000 Junior ISA (JISA) allowance for the 2023/24 tax year by following these steps to contribute to your 7IM ISA or JISA.

If you do not have an existing ISA or JISA with 7IM and wish to set one up, please contact your 7IM Private Client Director who will be able to help you.

Review ISA / JISA allowances

Review whether you have utilised your 2023/24 ISA or JISA allowance for which you are the registered contact. If there is any allowance remaining, provided you have not utilised your allowance elsewhere, you can move to Step 2 to make a subscription. If you are unsure, your 7IM Private Client Director will be able to assist you.

Complete the ISA Declaration form

Complete, sign and scan the ISA declaration form (link below) and email this to your 7IM Private Client Director no later than Thursday 04 April 2024. If you subscribed to your 7IM ISA in the 2023/24 tax year, you can skip this step and go straight to Step 3. No JISA declaration form is required, as long as the JISA is already open at 7IM.

ISA Declaration Form

Send the payment

Prior to making the payment, please email your 7IM Private Client Director to let them know. Then send the payment to the 7IM ISA payment details. This will be used to subscribe to your ISA or JISA for which you are the registered contact.

7IM ISA payment details

Recipient Name
Pershing Securities Ltd Client Hub Account

Sort Code
16-04-00

Account Number
31266302

Payment Reference
Your 7IM client reference (IMXXXXXX) and surname.

If you are unsure of your reference, please ask your 7IM Private Client Director.

This is very important as it will allow the payment to be applied to your account. Not providing the correct information may delay receipt as well as impact our ability to subscribe by the deadline.

The final date for payments to be received is Tuesday 02 April 2024.

Contribute to your 7IM SIPP in three easy steps:

Make use of your pension contribution allowance by following the step-by-step guide below. If you are unsure of your pension arrangements, please speak to your 7IM Financial Planning Director or 7IM Private Client Director.

If you do not have a 7IM SIPP, but you have a SIPP with a third-party provider (with the investments managed by 7IM), you will need to complete the necessary forms and steps with that provider. Please contact us if you are unsure and we can point you in the right direction.

Seek pension advice

Seek pension advice from your 7IM Financial Planning Director or Independent Financial Adviser if you are unsure about how much you can/should be contributing to your pension.

Complete the 7IM SIPP Contribution Form

Once you have sought advice, if you would like to contribute to your 7IM SIPP, complete the 7IM SIPP Contribution form and send it to your 7IM Financial Planning Director or 7IM Private Client Director.

7IM SIPP Contribution Form

Send the payment

Send 7IM the payment via BACS to 7IM Trustees using the 7IM SIPP payment details.

7IM SIPP payment details

Recipient Name
7IM Trustees

Sort Code
16-00-15

Account Number
16294767

Payment Reference
Your 7IM SIPP Client Reference (IMXXXXXS) and surname.

If you are unsure of your reference please ask your 7IM Private Client Director or Financial Planning Director.

This is very important as it will allow the payment to be applied to your account.

The final date for payments to be received is Thursday 04 April 2024.

Review your Capital Gains Tax position

If after reviewing your accounts you still have some of your Capital Gains Tax (CGT) allowance to realise on your 7IM portfolio, providing you have not used this allowance elsewhere, please contact your 7IM Private Client Director and they will be able to help you make use of this allowance.

If you are unsure if you have any CGT allowance remaining, please contact your Private Client Manager who will be able to assist you.

Useful documents 7IM ISA Declaration Form 7IM SIPP Top Up Contribution Form

Want to know more about the end of tax year and how it affects you? Come and talk to our team today.

020 3823 8650

Existingclients@7im.co.uk

Speak to your 7IM contact

Speak to your 7IM Financial Planning Director or 7IM Private Client Director for further information about how the tax year-end affects you. If you don't know their contact information, you should be able to find it via our Meet our people section.

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