Your guide to the end of the 2023/24 tax year

All of the key info about the end of the 2023/24 tax year in one place.

 

When does the 2023/24 tax year end?

The 2023/24 tax year ends on 5th April 2024. This is the last day to use your current tax-free allowance (which stands at £20,000) for your tax-wrapped accounts, including your Lifetime ISA, Cash ISA, or Stocks & Shares ISA. On 6th April 2024, your tax-free ISA allowance will reset and we’ll be in the 2024/25 tax year.

Any deposits made through our weekly collection cycle before 12pm on 3rd April 2023 will count towards your 2023/24 ISA allowance. You can also deposit with an instant bank transfer up until 3pm on 5th April.

Instant bank transfers are not supported for all banks, and can take up to 24 hours.

Read more about our timings for the end of the 2023/24 tax year

 

What to do before the 2023/24 tax year ends

Top up your tax wrappers

Making the most of your annual ISA allowance before it resets will help you achieve your financial goals sooner. 

Plus, every £100 you deposit into a Lifetime ISA, Cash ISA, Stocks & Shares ISA, or Personal Pension gets you one entry to our end of tax year prize draw. There’s £50,000 in cash prizes up for grabs – including £30,000 for one lucky winner. T&CS apply.

 

Earn entries

 

There’s still time to get a head start on any other goals before the 2023/24 tax year ends. Here are the different tax wrappers we offer and the goals they can help you achieve. Head to Settings > Accounts in-app to explore more. 

The deadline for existing Moneybox customers to open a new ISA, LISA, or JISA in the 2023/24 tax year is 2pm on 5th April. 

A 25% government penalty applies if you withdraw money from a Lifetime ISA for any reason other than buying your first home (up to £450,000) or for retirement, and you may get back less than you paid into your Lifetime ISA.

*New customer rate as of 26/03/2024. 5.16% AER (variable) includes a bonus rate of 0.91%. A lower rate of 0.75% AER (variable) applies if account conditions aren’t met. Cash ISA interest is accrued daily and paid yearly. The rate is variable and subject to in-app conditions. We’ll inform you if it changes. 

All investing with a Stocks & Shares ISA should be long term (min. 5 years). The value of your investments can go up and down, and you may get back less than you invest. Tax treatment depends on individual circumstances and is subject to change.

 

Explore accounts

 

Pay into your pension

You should also look at your pension contributions before the tax year ends. Each tax year, you can deposit £60,000 or money equal to your salary – whichever is lower – into your pension. The government will give you tax relief as a 25% top up on any money you add up to your individual pension limit.

Check out the Moneybox Personal Pension if you haven’t already. Our team can even help to find your old or lost workplace pensions and bring them all together into one, easy-to-track pot.

Just make sure you compare the charges, investment options and benefits between Moneybox and your old provider before transferring. We also can’t accept a transfer from a pension that your current employer is paying into. Pension transfers don’t count towards entries for our end of tax year prize draw..

As with all investing, the value of your pension can go up and down, and you may get back less than you invest. Tax treatment depends on individual circumstances and is subject to change. Pension transfers don’t earn you entries to our end of tax year prize draw. 

 

Transfer Pension

 

Check your rates and earnings if you have ISAs elsewhere

For those of you that have a Lifetime ISA, Cash ISA or Stocks & Shares ISA with another provider, the end of tax year is a great time to check the rate you’re earning on your savings, or the return of your investments. 

The Moneybox Cash ISA offers 5.16%* AER (variable). So if you have a Cash ISA elsewhere – you could be earning more by transferring it to Moneybox ahead of the end of the 2023/24 tax year. 

Transferring is easy, and you can do it all in-app with no paper forms. Requesting your transfer shouldn’t take longer than a few minutes and if you need help or support at any point, you’ll be getting it from real people.

Plus, every £100 in transfer value will also earn you a prize draw entry (you just need to open that ISA with Moneybox first).

*New customer rate as of 26/03/2024. 5.16% AER (variable) includes a bonus rate of 0.91%. A lower rate of 0.75% AER (variable) applies if account conditions aren’t met. Cash ISA interest is accrued daily and paid yearly. The rate is variable and subject to in-app conditions. We’ll inform you if it changes. 

 

Request transfer