You can save up to £20,000 into an ISA or up to £9,000 into a Junior ISA (only a parent or legal guardian can setup on behalf of a child) per year, and any returns are free from Income Tax and Capital Gains Tax. However, you can’t carry your ISA allowances over to the next tax year, so it’s worth paying in as much as you can before the end of the tax year.

Subject to certain limitations, every pound you contribute into a pension will benefit from Income Tax relief, giving it  an immediate boost. So it makes sense to consider paying in as much as you can afford before the end of the tax year. You can save up to £60,000 or 100% of your eligible earnings (whichever is lower and which includes contributions from yourself, your employer, any third party as well as tax relief paid to the pension) into your pension each year – and also use your allowances from the past three tax years if you haven’t already.

Capital Gains Tax (CGT) is the tax on the profit, or ‘gain’, that you make when you sell or gift an asset that’s increased in value, such as shares or jewellery. From the 6 April, this tax-free gain has reduced to £3000 (reduced from £6000). It’s therefore worth considering transferring shares into an ISA where any gain will be free of CGT.