Year End Tax Review 2008 Contents New Year's resolutions Investment limits Borrowings and tax Family tax planning Mr and Mrs Give generously and save tax Jam today, or jam tomorrow? Tax payback - tax credits Bringing it back home Children's pensions? A matter of trust Children's savings? All change for gains Second homes Portfolio gains Capital ideas Tax-free perks Employee pensions and NIC Pension policies Employee cars and fuel Business tax Pay rise for the other half? Company or trade Two jobs = too much NIC Should VAT be flat? VAT and cash Inheritance tax One careful owner

Investment limits Contributions to some tax-favoured investments are capped for each fiscal year. The limit for Individual Savings Accounts (ISAs) is £7,000 in total. You can put up to £400,000 a year into Enterprise Investment Schemes (with 20% relief and possible CGT deferral), and £200,000 into Venture Capital Trusts (with 30% relief). Extra pension contributions may get better relief - certainly earlier relief - if you make them before the end of the tax year. Of course, the tax relief does not on its own make something a good investment - but if you are thinking of putting money into one of these schemes, you may want to do so before 5 April to maximise the benefit. Action Point! Do you want to top up your investments?