What should I do before the tax year ends?

As the end of the tax year approaches, it’s a natural moment to pause and take stock of your financial affairs.

Each year, valuable allowances reset on 6 April. Making use of them can help improve tax efficiency, but just as importantly, this is an opportunity to check that your wider plans – from pensions to inheritance – still reflect what matters most to you and your family.

Recent changes, including proposed reforms to how pensions are treated for inheritance tax purposes, have made joined-up planning more important than ever. A thoughtful review can help you focus on the actions that are genuinely worth prioritising.

When clients ask me what they should be thinking about ahead of the tax year end, I usually come back to these same ten areas. Not all will apply to everyone, but they provide a helpful way to consider what may be worth focusing on before 5 April.

My top ten tax year planning areas to review

1. Review pension contributions and unused allowances

Pensions often remain central to long-term planning, not only for income, but also for managing tax efficiency and flexibility over time. Reviewing contributions before the end of the tax year can help clarify whether annual or previously unused allowances have been fully used and how pensions fit into your wider financial picture.

2. Check pension beneficiary nominations

Pension beneficiary nominations guide how benefits are distributed on death and are often completed many years earlier. Changes in family circumstances, priorities or intentions can mean nominations no longer reflect what you would want today.

3. Understand how pensions and inheritance tax may interact

Proposed reforms mean unused pension savings may, in future, form part of the value of an estate for inheritance tax purposes. For families with significant pension wealth, this represents an important shift and reinforces the need to consider pensions alongside estate planning rather than in isolation.

4. Use ISA allowances where appropriate

ISAs continue to offer tax-free growth and income, and allowances reset each tax year. While they may not always be the primary growth vehicle, ISAs can still play a useful role in managing tax exposure, access to capital and overall portfolio balance.

5. Make use of gifting allowances

Smaller gifts made within annual gifting allowances fall outside the estate for inheritance tax purposes immediately. Over time, regular gifting can reduce the value of an estate while allowing you to support family members during your lifetime.

6. Review wills, executors and records

An up-to-date will remains fundamental to effective estate planning, particularly where assets or family circumstances are more complex. Clear records of assets, pensions and insurance arrangements can also significantly reduce administrative burden for executors.

7. Review business assets

Business Property Relief will no longer be unlimited. From April 2026, 100% relief will apply only to the first £2.5 million of qualifying agricultural and business assets per person. Any value above this will receive relief at 50%.

8. Review capital gains exposure before year end

The Capital Gains Tax annual exemption allows a limited level of gains to be realised tax-free each year. Reviewing assets ahead of the tax year end can highlight opportunities to manage gains gradually rather than deferring decisions.

9. Think about how to support family and intergenerational planning

Supporting family members doesn’t always require large one-off gifts. Regular support, pension contributions for younger family members or education funding can all form part of a structured approach that balances generosity with long-term security.

10. Step back and prioritise what matters most

Tax year end planning isn’t always about using every allowance. Often it’s an opportunity to take stock, revisit priorities and ensure financial decisions remain aligned with personal values, family dynamics and long-term intentions.

Tools and further support

👉 Click here to read our Inheritance Tax Guide

You can also visit the official Government website for up-to-date guidance on Inheritance Tax thresholds, rules and allowances. Alternatively, leave your details in the form below and one of our team will be in touch for a no-obligation conversation.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only. The content was accurate at the time of writing, changes in circumstances, regulation and legislation after the time of publication may impact on the accuracy of the article. This information is based on our current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change and tax implications will be based on your individual circumstances. The Financial Conduct Authority does not regulate advice on taxation, Estate Planning or will writing.

FP2026-110 – Last updated March 2026