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Tax allowances 2024/2025

Get your finances off to a great start this tax year. Tax rates and reliefs depend on individual circumstances and could change in the future.

The start of the new tax year is also a great opportunity to review the suitability of any investments you already have within your ISAs and pensions.

The allowance figures below are for the tax year which runs from 6 April 2024 to 5 April 2025.

Please remember that as with any form of investment, the value of an investment held within ISAs and Pensions can go up or down and you could end up with less than you originally invested.





ISA allowance


Changes in the Spring Budget 2024 mean you can invest money into more than one ISA of the same type in one tax year. For example, you can now invest into two stocks and shares ISAs in the same tax year, as long as these contributions do not total more than your £20,000 ISA allowance.

Pension annual allowance

£60,000 or total of qualifying earnings (whichever is less)

Remember that the £60,000 allowance includes personal contributions, employer contributions and tax relief.

Junior ISA allowance

£9,000 per child

If you’re investing money on behalf of a child, you could pay into a Junior ISA on their behalf.

Junior SIPP allowance

£3,600 per child

Remember that the Junior SIPP allowance includes your contribution and any tax relief added by the government. So you can pay in a maximum of £2,880 every year and the government will add £720.

Personal allowance


The maximum amount you can earn before you start paying tax.

Dividend allowance


Your dividend allowance has been reduced to £500 this tax year.

Capital gains tax (CGT) allowance


The capital gains tax (CGT) allowance stands at £3,000.

Personal savings allowance

£1,000 basic rate tax payers

£500 higher rate tax payers

Basic rate taxpayers have a personal savings allowance of £1,000, and higher rate taxpayers have an allowance of £500.


Chat to an Investment Coach

If you want to know more about how to use your allowances this year. It’s easy to arrange a free coaching session with a qualified financial planner.

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