As we approach 5 April 2022 here are some points to consider that you might want to take into account in your pre yearend tax planning. We’ll look at Capital gains tax first:

• Consider maximising the use of this year’s annual exemption (currently £12,300). This is a use it or lose it allowance that cannot be carried forward.

• Put off the payment of tax for a year, consider selling an asset just after 5 April 2022 and not just before it.

• You can obtain two annual exemptions by making one disposal before 5 April 2022, and another unconnected disposal after 6 April 2022.

• Try to ensure that you and your spouse / civil partner each use their annual exemption. Here are some considerations:

• You can transfer assets tax efficiently between spouses / civil partners to facilitate this.
• The transfer must be outright and unconditional.
• Where such a transfer involves the transfer of an asset showing a loss to a spouse / civil partner who owns other assets showing a gain, money or assets must not return to the original owner of the asset showing the loss.