to let property with a gain (for example). If you have multiple assets with different gains and losses, speak to an adviser about your options. 5. Savings Rate and Starting Rate of tax For savings interest (which includes returns from an investment bond and interest within a collective or investment account), individuals have up to £1000 they can receive each year under the savings rate (£500 for higher rate taxpayers) and for lower earners they also could utilise an additional £5000pa against savings interest, called the starting band. This is especially relevant for our retired clients that are utilising different allowances from different portfolios and may be even more relevant with the changes to capital gains tax. 6. Tax Efficient Life Cover for Business Owners and Employees If you are a business owner, you need to be reviewing your life cover. Life cover can now be paid for by the business as a tax efficient business expense and can pay out to your family free of inheritance tax by using a Relevant Life Plan. If you haven’t looked at this fantastic product and particularly if your company year-end is approaching, now is the time to review this as making an annual payment for this policy will have an impact on this year’s corporation tax. Business owners should also be considering share-purchase arrangements for shareholders and key person cover for their main employees to ensure the business continues in all circumstances. Also group benefits which sets you aside from competing companies whilst the recruitment world is so tough. You need to take out any new protection policies whilst you are healthy enough to get cover. 7. Venture Capital Trusts (VCTs) Although higher risk than normal investments, VCTs can potentially offer a good alternative for higher earners particularly where they have used their Annual Allowance for their pensions. A VCT gives a 30% income tax reducer against income tax due to be paid in that tax year. It is not a relief; you must have the income tax due to offset against. The investment must remain in the fund for 5 years and potentially gives tax free dividends during that time. The gains are free of CGT as well. There are a range of VCTs available with different strategies, risk and track records and there are generally two windows available to invest in a VCT, January to March and then September. This can be alongside a pension strategy for those with a higher risk appetite. Remember if you don’t use your allowances, you may lose them, so it is vital that you have your savings, pensions and investments arranged in a way to maximise your available allowances in line with your personal circumstances.