Your allowances for the 2025/26 tax year

• You could put a maximum of £60,000 or the total of your UK earnings (whichever is less) into a defined contribution pension and receive tax relief. This is your pension annual allowance. For most people, relevant UK earnings include income received from employment like a salary, bonuses and commission. As an example, if your earnings total £50,000 per annum, this is the total amount you can benefit from tax relief on. Alternatively, if you earn over £60,000, this figure is the maximum on which you will gain relief. Remember, pensions can't usually be accessed until age 55 (57 from 2028)
• If you’re investing money on behalf of a child, you could pay into a Junior ISA for them. The Junior ISA allowance for this tax year is £9,000
• Your ISA allowance for 2025/26 is £20,000

The start of the new tax year is also a great opportunity to review the investments you already have within your ISAs and pensions to see if they are still suitable for you.

At Evelyn Partners, we offer a combined wealth management service. A financial planner collaborates with an investment manager to create an individual and comprehensive strategy. The financial planner structures your assets using your annual allowances (where appropriate) and creates a tailored financial plan, while the investment manager builds, manages and reviews investments held within your bespoke portfolio.

Please remember that as with any other form of investment, the value of ISAs and pensions can fluctuate and you could end up with less than you originally invested. Tax rates and reliefs depend on individual circumstances and could change in the future.

• The maximum amount you can earn before you start paying tax is £12,570. This is known as the personal allowance
• Your dividend allowance has been reduced to £500 this tax year
• The capital gains tax (CGT) allowance stands at £3,000
• Basic rate taxpayers have a personal savings allowance of £1,000, and higher rate taxpayers have an allowance of £500

If you want to know more about the best ways to maximise your allowances this year and the suitability of your existing investments, book an appointment with one of our experts. You’ll be able to ask any questions and discover more about how we can help you.