Here is a list of possible tax planning options that could be considered prior to 6 April 2008.

The list is not complete. Tax payers with complex affairs should consider a formal review before the end of the present tax year.


1. Maximising ISA’s for younger savers.

2. Maximising ISA’s for other savers.

3. Appropriate redistribution of savings among family members with differing tax rates, to reduce overall tax spend.

4. Utilisation of Child Trust Funds.


1. Consider maximising contributions for the year.

2. Non-tax payers can also contribute up to £3,600 per annum with no earnings.

Inheritance Tax:

1. Utilising available allowances and reliefs to protect assets from excessive IHT risks.

2. Time to review Wills to ensure they are compatible wealth protection strategies.

Capital Gains Tax:

1. If appropriate make sure you utilise your Annual Exemption, £9,200, for 2007-2008.

2. Consider inter-spouse transfer of assets with “pregnant” gains if the other partner has capital losses which will not otherwise be utilised.

3. Review portfolios to consider holdings that may have negligible value for tax purposes. This offers opportunities to reduce other taxable gains in the current tax year.

Charitable Giving:

1. Consider Gift Aid donations. The same gifts made after 5 April 2008 will result in slightly less cash benefit to charities as the tax they will reclaim on your donations will decrease from 22% to 20%.