2) Using capital gains tax allowance
From the next tax year commencing on 6 April 2023, the capital gains tax allowance is being slashed by over half to £6,000.
Therefore, taxpayers should make full use of the £12,300 annual allowance before the policy changes comes into effect.
3) Reviewing pensions
Grant said taxpayers should ensure they access all the benefits available on pension pots, but it can be complicated to follow without an adviser, as the levels and bases of taxation and reliefs from taxation can change at any time.
He explained: "In the recent Budget, the chancellor proposed enhancements to pension annual contribution levels and the lifetime pension fund allowance.
"The benefits of these changes will be dependent on individual circumstances, therefore it is worth seeking professional advice to ensure you are maximising the opportunities effectively."
4) Reducing inheritance tax
The latest figures from HM Revenue & Customs have revealed a £900mn increase in IHT receipts, compared with the same period in 2022.
As reported by FTAdviser earlier, £6.4bn has been collected between April 2022 and February 2023.
Figures also published by the Office for Budget Responsibility last November predicted IHT receipts would rise to £7.8bn by 2027/2028.
Darran Harrison, wealth planner for the Kingswood Group said: "Many strategies can be used to help minimise exposure to IHT, which is payable on the balance of the estate above the available tax-free allowances, at a rate of 40 per cent.
"There is no IHT payable at all, whatever the value of the estate, on property left to a widow or widower. Leaving a donation to a qualifying charity can also help reduce the inheritance tax payable.
"Planning ahead is key and making financial gifts to make use of annual allowances will also assist in reducing the size of the estate for IHT purposes."
He points to investing cash into pension plans, especially with the recent removal of the pension lifetime allowance; using life insurance policies and trusts, which he says are all "useful tools in conjunction with a professionally drafted will".
Taxpayers can reduce the IHT their families will pay on estates by making use of annual exemptions and gifting up to £3,000 (single) and £6,000 (couple) before 5 April 2023.
Because the individual IHT threshold (nil rate band) has been frozen at £325,000 since April 2009, and is set to remain at this level until 2028, advisers have urged their clients to focus attention on passing wealth onto the family, not the Treasury.
Jason Hollands, managing director, corporate affairs, for Evelyn Partners, commented: "This long freeze in the IHT nil rate band will also coincide with the period when the post-war baby boomer generation start to pass away. Hence the bonanza for the Treasury.
