Sarah Bradford explores options for using 2023/24 tax allowances so they are not wasted.
As the tax year draws to a close, it is prudent to review one’s 2023/24 tax allowances and consider whether there is scope for utilising any unused allowances so they are not lost.
Tax allowances provide the opportunity to earn income and realise gains tax-free. However, most allowances are lost if they are not used in the tax year to which they relate.
Personal allowance
The personal allowance is set at £12,570 for 2023/24. However, it is reduced by £1 for every £2 by which adjusted net income exceeds £100,000, being lost entirely once adjusted net income reaches £125,140. The allowance for 2023/24 is lost if it is not used in the 2023/24 tax year.
If you have yet to use your personal allowance, you may wish to
