Your guide to the end of the 2024/25 tax year
All of the key info about the end of the 2024/25 tax year in one place.
When does the 2024/25 tax year end?
The 2024/25 tax year ends on 5th April 2025. This is the last day to use your current tax-free allowance (which stands at £20,000) across your ISA accounts, including your Lifetime ISA, Cash ISA, or Stocks & Shares ISA. On 6th April 2025, your tax-free ISA allowance will reset and we’ll be in the 2025/26 tax year.
Any deposits made through our weekly collection cycle before 12pm on Wednesday 2nd April 2025 will count towards your 2024/25 ISA allowance. You can also deposit with an easy bank transfer up until 11.59pm on Saturday 5th April.
Easy bank transfers are not supported for all banks, and can take up to 24 hours.
Here are our key timings for the end of the 2024/25 tax year
What to do before the 2024/25 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, Junior 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 – so don’t miss out.
Prize draw T&Cs apply.
There’s still time to get a headstart on any other goals before the 2024/25 tax year ends. Here are the different tax wrappers we offer and the goals they can help you achieve.
- A Lifetime ISA is designed to help you buy your first home, faster. For every £4 you put into a Lifetime ISA, the government will give you £1 for free. Since you can deposit £4,000 into your Lifetime ISA each tax year, you can earn up to £1,000 as a free annual bonus.
- A Cash ISA is a savings account and the interest you earn is tax-free.
- A Stocks & Shares ISA is an investment account and you won’t pay tax on the gains you make.
- A Junior ISA is an investment account that lets you invest in your child’s future and give them a flying start.
The deadline for existing Moneybox customers to open a new ISA, LISA, or JISA in the 2024/25 tax year is 5pm 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.
All investing 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.
ISA and tax rules apply.
Pay into your pension
You should also look at your pension contributions before the tax year ends. Most people can save up to £60,000 across any pension pots they have. Whenever you deposit into a Moneybox Pension, we’ll automatically claim a 25% top up from the government in the form of tax relief.
Check out the Moneybox 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.
Payments you make into your pension won’t be accessible until the minimum pension age (currently 55, increasing to age 57 from 2028).
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 4.82%* AER (variable), which includes a bonus rate of 0.62% for the first 12 months. So if you have a Cash ISA elsewhere – you could be earning more by transferring it to Moneybox ahead of the end of the 2024/25 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 able to speak to 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 14/03/2025. 4.82% AER (variable) includes a bonus rate of 0.62% for the first 12 months. A lower rate of 0.75% AER (variable) applies if account conditions aren’t met. Interest is accrued daily and paid into your account yearly on the date you opened your Cash ISA.
Tax treatment depends on individual circumstances and may be subject to change in the future.