Does the tax year end on April 1st?

Author: Proposito Team
Published: 12th March 2010

This tax year effectively ends on the 1st April 2010. No, this is not an April fools joke but the result of a “perfect storm” of dates, days and bank holidays.

This year Maundy Thursday is on 1st April 2010, which means that the 2nd April 2010 is Good Friday – a bank holiday. The 3rd & 4th April 2010 form the Easter weekend. Easter Monday is another bank holiday and falls on 5th April 2010 – which is also the last day of the tax year.
The end of this tax year is not just the end of any old tax year. Oh no, it’s much more important than that. As with all tax year ends, it is your last chance to utilise ISA & personal pension allowances by making contributions. But additionally it is also the last time you will be able to access pension benefits at age 50. On 6th April 2010 the minimum pension age is increasing to 55.

If you are thinking of making contributions into an ISA or personal pension this tax year, don’t leave it until the last minute. If you do you will problably end up making an early contribution to next years allowance.
The tax year end is effectively 1st April 2010 – and that’s no joke