With a week to go before the end of the tax year you are up against it if you want to make best use of the tax allowances available to you. Here is a quick check list:

ISAs – individuals have an annual allowance of £20,000 to subscribe to ISAs. These can be in cash or stocks and shares. Help to Buy and Lifetime ISAs have restrictions on who can invest and on how much can be invested and form part of the £20k ISA allowance. Income is tax free and gains are capital gains tax free.

Pensions – individuals can invest their earnings, up to £40,000, each year in a pension and receive income tax relief at their marginal rate. Rules apply for higher earners restricting how much they can invest. Growth within a pension fund is income tax and capital gains tax free. When it comes to accessing the benefits 25% of the accumulated fund can be taken free of tax. Any amount taken over the 25% is taxed at the marginal rate of the pension owner.

Capital Gains Tax – for those with invested portfolios or property £11,700 of capital gains can be taken tax free. Don't forget that gains can be shared tax free between legal partners (e.g. spouses, civil partners) to double the available allowance to £23,400.

Inheritance Tax – for generous types who want to offload some money to friends and family free of 40% potential inheritance tax the £3,000 capital gift allowance is available. If no capital gift was made in the last tax year this can be doubled up to £6,000. With the summer approaching, if your child or grandchild is getting married soon then gifts of £5,000 (child) or £2,500 (grandchild) can be made in addition to the £3,000 capital gift allowance.

This article scratches the surface of available tax allowances and exemptions. Seek advice on how strategic tax planning for you and your family can help keep more of your money in your pocket.

Written by Chartered Financial Planner Denese Molyneux.