Brighter Thinking Tax Planner 2023/24

Craig Hughes

Foreword by Menzies Private Client Partner Craig Hughes:

It can be difficult to keep up with tax changes at the best of times, but with four chancellors in six months, a mini budget which was largely (but not fully) reversed and a recent Autumn Statement, we hope that a reminder of the current tax rates, future proposals and associated planning will be a helpful guide to you all.

The Chancellor of the Exchequer has delivered his Autumn Statement 2022 which sees the freezing of many tax allowances for individuals and the reduction to the capital gains tax annual exemption. Over time, this will see individuals’ tax liabilities gradually increase and bring in more taxpayers into the Self-Assessment system. There are nonetheless still opportunities to review your tax and financial arrangements throughout the tax year.

Taking action now may give you the opportunity to take advantage of any remaining reliefs, allowances and exemptions. At the same time, you should be considering whether there are any planning opportunities that you need to consider either for this tax year or for your long-term future.

How to use this Year end tax planner

Take a few moments to review this planner, in which we highlight some simple tax planning strategies which could help you structure your affairs in such a way to help reduce your exposure to tax.

Unless otherwise specified, the tax rates used are for the 2022/23 tax year to 5 April 2023. It has been announced that the personal allowance and tax bands for the basic and higher rate tax thresholds should remain unchanged until 5 April 2028.

It should also be noted that from 6 April 2018 different rates of income tax were applied in Scotland. These are not taken into account.

Menzies Private Client Team


Personal tax planning can be complex. We would always recommend that you seek professional advice when undertaking a review to ensure all changes are processed and managed effectively. Please do speak with your Menzies contact who will be delighted to meet with you to discuss ideas, opportunities and the appropriate action.

To discuss your tax planning arrangements for the tax year ahead, contact Menzies Private Client Team below: