If you have significant funds invested in savings accounts in your own name, you may want to investigate sharing the investment with your kids. There are Inheritance Tax planning matters to take into account, but for higher rate tax payers this may be a lucrative tax saver.

If you make a £20,200 capital gain in this tax year you will pay tax on £10,100. (£20,200 less the £10,100 annual exemption). If you had owned those same assets jointly, say with your spouse or partner, and they had no other capital gains this year, then you would pay no tax.

Don’t forget the kids – £10,200 pa of tax free gains! Children are entitled to make £10,200 of tax free gains in their own name. It may be possible for parents to purchase investments with promising capital growth in the name of their children and save significant Capital Gains Tax when the investments are sold.

Stakeholder Pensions – More Help from the Tax Man. You can turn a small cash investment into a £2,700 stakeholder pension fund, with a little help from the tax man! This strategy involves taking advantage of the “immediate vesting rules”.