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04.04.2022
Tax year end 2021/22: key dates for the current tax year
The 2021/22 tax year ends at 23:59:59 on Tuesday 5th April 2022. Make sure you take full advantage of your ISA and pension allowances that reset at the end of the tax year.
- It’s wise to make contributions with plenty of time to spare to avoid any last-minute worries. Some banks have complicated rules around cut-off times and payment limits. Therefore, we recommend getting prepared, speaking to your bank if needed and contributing as soon as you can.
- Different types of ISAs and pensions have specific annual allowances. Understanding these allowances means you can plan when and how you invest, which can have a big impact on the tax efficiency of your portfolio.
One-off contributions
- You can contribute to your ISAs and Pensions as many times as you like before tax year end with lump sum contributions, providing you don’t exceed the annual allowance. The deadline for contributions by Bank transfer via open banking, debit card, Apple Pay or Google Pay is 23:59 Tuesday 5th April.
- Manual bank transfers are transfers made directly from your bank to your Pension or ISA providers, using your policy/account number for reference. The deadline for most people using manual bank transfers is 12:00 (noon) on Tuesday 5th April, however if you specifically use BACS or CHAPS there are earlier deadlines. Be aware that depending on your bank you may need to split your contribution over several days.
When does the new tax year start?
- The first day of the 2022/23 tax year is 6th April 2022.
I am an Independent Financial and Mortgage Adviser and have worked in Financial Services for over 12 years. During my career I gained experience in assisting both individual and corporate clients.…
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