With the new tax year approaching rapidly we thought it was worth having a summary of the new UK tax allowances as they will stand for 2017/18.

You can always find a summary of allowances here together with links to further information and clarification on certain allowances, but otherwise here they are in summary:

Personal Allowance (amount of earnings you can have tax free) – £11,500

ISA Allowance (amount available to invest over all types of ISA) – £20,000

Capital Gains Tax Allowance (amount of gains allowed before tax is due) – £11,300

Inheritance Tax Allowance (amount that can be inherited tax free, including property) – £425,000

Personal Savings Allowance (amount of savings income that is tax free) – £1,000/£500

Property Allowance (amount that can be earned by small property related deals) – £1,000

Trading Allowance (amount that can be earned tax free from minor trading) – £1,000

Rent a Room Allowance (amount that can be earned tax free from renting out a room in your home) – £7,500

Not all of these allowances apply to everybody so you should check that they apply to you before using this information for your personal tax affairs.