Personal Tax Planning 2016/2017 – Part 1

Personal Tax Planning 2016/2017 – Part 1
The purpose of this checklist is to suggest strategies you may wish to consider as we approach the end of the 2016/17 tax year or planning opportunities available thereafter.

It is a good opportunity to review your financial position and consider plans for the year ahead. Ideally you should do this with your accountant. This checklist will help you to structure your meeting so you can run through your current position and plans. 

1.     Selling assets by 5 April

·       Can you use the available £11,100 Capital Gains Tax (CGT) annual exemption(s)?

·       Inter spouse transfer to fragment gains?

·       Stagger disposal to double up use of exemptions?

·       Bed and spouse quoted investments to uplift base cost?

·       Any negligible value claim for assets that have fallen significantly in value?

·       Have you claimed your entitlement to Entrepreneurs Relief?

·       If your Company has ceased trading have you considered making a capital distribution?

·       Is it beneficial to crystallise any capital losses?


2.     Making Gifts

·       Are you using your Inheritance Tax (IHT) annual exemptions?

  • Gifts £3,000 pa or double?
  • Small gifts same person £250
  • Unlimited regular gifts from surplus income
  • Marriage gifts up to £5,000 depending on relationship
·       If there are potentially exempt transfers have you considered insuring against IHT?

·       Are there certain assets at a low value that may be transferred with minimum CGT?

·       Is your will up to date and do you have a lasting power of attorney?

·       Have you considered your exposure to IHT?

·       Have you written life assurance policies into trust to avoid IHT?

·       Have you claimed gift aid on your self-assessment tax return?

·       Any scope for a deed of variation on a deceased relative’s estate?


3.     Second Homes

·       Principal private residence election made within two years?

·       Considered varying any election?


4.     Pensions

·       Have you considered maximising contributions before 6 April?

·       Have you claimed higher rate income tax relief on your self-assessment?

·       Is there scope to put business property into a self-administered scheme

·       If your employer doesn’t pay the maximum mileage rates have you claimed a deduction for the shortfall on your self-assessment?

·       What about using the HMRC approved enterprise management incentive scheme to retain or recruit key employees or help with succession?

·       Were your tax codes correct for 2016/17?


5.     Tax management

·       Have you negotiated time to pay arrangements with HMRC to ease cash flow and mitigate penalties?

·       Have you applied to reduce self-assessment payments on account where appropriate?

·      Will you need to ask HMRC to code out income tax underpayments up to £3,000


This is Part 1 of the checklist, you can view the second part by clicking here – Personal Tax Planning 2016/17 – Part 2

Don’t forget if you need any help get in touch with us as we are always happy to help.  You can contact us by phone on 0115 956 9452 or send us an email on This email address is being protected from spambots. You need JavaScript enabled to view it.
Penalties for late submission of a tax return?
Personal Tax Planning 2016/2017 – Part 2

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