Tax-saving checklist for the new tax year

Archived article

Archived article: please remember tax and investment rules and circumstances can change over time. This article reflects our views at the time of publication.

Taxes have gone up with the start of the new tax year, adding weight to the UK’s highest tax burden since 1949. Income, capital gains and dividends have all been targeted.

There are five things that could help experienced investors mitigate the effects and save tax as soon as possible.

Important: tax rules can change and benefits depend on circumstances. 

Important: The information on this website is for experienced investors. It is not advice nor a research or personal recommendation to invest. If you’re unsure, please seek advice. Investments are for the long term. When you invest in early-stage businesses you should expect some to fail. The investments mentioned are are high risk and only for experienced investors. You could lose all your capital: you should not invest money you cannot afford to lose.

Five things to consider: 

  1. Invest in a VCT – up to 30% income tax relief and tax-free dividends
  2. Invest in EIS – save up to 30% income tax this tax year or the last, plus defer capital gains made elsewhere
  3. Invest in SEIS – save up to 50% income tax and capital gains tax
  4. Invest in an early-bird AIM IHT ISA – you could potentially make the new tax year’s subscription IHT-free
  5. NEW: Quality Shares Portfolio ISA– invest this year’s ISA in long-term growth opportunities selected by top-rated portfolio manager Charlie Huggins

1. Invest in a VCT – up to 30% income tax relief and tax-free dividends

Any dividends paid out from VCTs are tax-free – so don't use up your dividend allowance, which has now been halved. 

The sooner in the tax year you invest in a VCT, the sooner you can start benefitting from any dividends it may pay. Note, VCT dividends are variable and not guaranteed.

In addition, when you invest in a VCT you may claim up to 30% income tax relief. If you invest at the start of the tax year, you could ask HMRC to change your tax code. So, instead of having to claim the tax relief after paying the tax, you could have your income tax reduced each month uder PAYE.

Octopus Apollo VCT  narrowOctopus Apollo VCT

Wealth Club investors will save 3.5% (4.5% for existing investors) on the initial charge, plus receive 0.10% annual rebate for three years. The deadline for the 1% early bird saving is 16 June 2023.

Proven.jpgProVen VCTs

Wealth Club investors will save 3% on the initial charge, plus 0.10% annual rebate for three years. The deadline to apply for allotment this tax year is 28 April 2023 (1pm). 

Please note, all VCT offers could closer sooner than the planned deadlines if capacity is reached. See all current offers with the latest capacity figures (as provided by the manager), read our review and apply online.

2. Invest in EIS – save up to 30% income tax this tax year or the last, plus defer capital gains made elsewhere

When you invest in EIS, you can offset up to 30% income tax relief against your current year’s tax bill – or the previous year’s if you use carry back. Furthermore, any growth is tax free and the investment should be IHT free after two years. You may also defer tax on capital gains made elsewhere, for as long as that gain is invested in an EIS-qualifying investment. If things don’t work out as planned, you can use loss relief to offset losses against income.

What is EIS/SEIS carry back?

EIS and SEIS investments offer a “carry back” facility. You can elect for all or part of your EIS/SEIS shares acquired in one tax year to be treated as though they had been acquired in the previous tax year.

This gives investors the option to offset the tax relief against income tax from the previous year. 

You can only do this if you have sufficient EIS or SEIS allowance in the tax year to which you’re carrying back. ong as you invest that gain in an EIS-qualifying investment. If things don’t work out as planned, you can use loss relief to offset losses against income.

Amadeus.jpgAmadeus Early Stage EIS Fund

Launched in 2015, the Amadeus Early Stage EIS Fund has previously invested in some of the UK’s fastest-growing startups including Graphcore and ContactEngine. The next deadline for planned allotment in 2023/24 is 28 April (5pm).

Guinness.jpgGuinness EIS

The Guinness EIS fund looks to offer scale-up capital to businesses that are already generating revenue, preferably £1 million or above, with evidence of durable revenue streams, not guaranteed. The next tranche for planned allotment in 2023/24 closes at the end of June. 

Single company EIS 

We have several single company private offers currently available with deadlines on 28 April 2023 for next allotment. Single company deals have no diversification. 

Filament.jpgFilament EIS

Proven, profitable, high-growth SaaS company Filament has created a data platform that uses machine learning to help investment teams originate deals and track market signals in a fraction of the time. The platform is used by major European investment firms with total assets under management of c.£120bn. Set up in 2016, Filament has been profitable since 2018 and re-invested its profits to fund growth and platform development. This is the first and potentially only opportunity for external investors to invest.

Glyconics.jpgGlyconics EIS

Co-invest alongside Deepbridge Capital and sector specialists in MedTech that could make early diabetes screening faster and more accurate – saving healthcare providers £millions. Glyconics has developed a patented point-of-care device that uses Infrared Spectroscopy (IRS) to detect diabetes highly accurately, more quickly than conventional methods (10 seconds versus potentially several weeks) and up to 90% more cheaply.

The-bunch.jpgThe Bunch EIS 

Backed by Haatch Ventures and SFC Capital, The Bunch has developed an innovative bills management platform which secures competitive rates from various suppliers, consolidates all the bills into a single monthly payment and provides excellent customer service. Having scaled in the student market, the company is now looking to expand first in the private rental market, primarily through B2B partnerships, then in the wider homeowner market.

Thrive.jpgThrive Therapeutic Software EIS

Thrive Therapeutic Software has created a clinically approved smartphone application designed to improve mental health in the workplace. Thrive is registered as a Class I medical device by MHRA, and ISO-accredited. It currently reports £2.5 million annual recurring revenue from clients including the NHS, Aviva, AXA, Santander and Serco.

WMC---articles.jpgWatchMyCompetitor EIS – deadline 12 May for 2023/24 allotment (“WMC”) is a VC-backed competitive intelligence platform with global blue-chip customers. The platform enables organisations to automatically monitor competitors, clients, regulators and key partners, using AI technology combined with expert human analysis. WMC has grown to over £2.2 million annual recurring revenue (ARR), achieved 83% growth in the last 12 months and has more than 80 international clients across a range of industries, including the likes of Santander, Legal & General, and Abbott Health.

Please note all our offers could close sooner if capacity is reached. You can view remaining capacity, as well as our other EIS offers, using the link below. 

3. Invest in SEIS – save up to 50% income tax and capital gains tax

The most generous tax reliefs are reserved for investing in the youngest – and therefore highest-risk – companies, under SEIS. These include up to 50% income tax relief, with the option to carry back to the previous year, and up to 50% capital gains tax relief. As with EIS, any growth is tax free, the investment should also be IHT-free after two years and you could claim loss relief if things don’t go to plan.

Two of our featured SEIS have deadlines of 14 April 2023 for early allotment this new tax year – you can read more and apply online.

Fuel Ventures Follow-on EIS FundFuel Ventures SEIS Fund

Fuel Ventures SEIS Fund aims to provide seed funding to very early-stage or startup (and so very high-risk) digital businesses and use Fuel's first-hand operational experience to mentor and accelerate their growth.

haatch-ventures.jpgHaatch Ventures Seed Enterprise Investment Fund

Third SEIS fund from Haatch Ventures, managed by the same team as Haatch Ventures EIS – four entrepreneurs who have between them founded, grown and sold businesses worth over $150 million.

SFC-Capital.jpgStartup Funding Club SEIS Fund

The Startup Funding Club SEIS fund does what the name suggests: it invests in UK startups, alongside its network of business angels. 

4. Invest in an early bird AIM ISA and make the new tax year’s subscription IHT-free

ISAs are not normally IHT free. However, when you invest in an AIM ISA, your money could potentially be IHT-free after two years, provided you still hold the investment on death, in addition to the usual ISA benefits of tax-free income and growth.


This AIM IHT ISA, the UK's largest service of its kind, is managed by an experienced fund management team. Companies sought have proven track records, a strong market position and/or a clear growth opportunity.


RC Brown is a boutique investment management business with £342 million of assets under management. It has offered its AIM IHT portfolio service since 2018 and focuses on primary market opportunities. 

Unicorn-Asset-Management-featured.jpgUnicorn AIM IHT ISA

Launched in 2016, the Unicorn AIM IHT Portfolio Service seeks to invest in a portfolio of 25-40 AIM-quoted companies that qualify for Business Relief.

For new subscriptions, you can apply for all our AIM IHT ISAs online. To view all our AIM IHT ISA offers, as well as all the providers’ documents for these investment opportunities, please follow the link below. 

5. NEW: invest this year’s ISA in long-term growth opportunities selected by top-rated portfolio manager Charlie Huggins

QSP-800x200.jpgQuality Shares Portfolio ISA

Before joining Wealth Club as Head of Equities, Charlie Huggins ran one of the UK’s best-performing funds at Hargreaves Lansdown. 

His recently launched Quality Shares Portfolio offers Wealth Club investors an exclusive opportunity to invest alongside him in 15-20 global listed companies he deems exceptional for their proven resilience and long-term growth potential. This is a concentrated portfolio of equities, hence high risk.

Charlie’s next trade deadline is 5pm on 10 May 2023– you can invest in an ISA (using this year’s allowance or transfer-in any amount) or a General Investment Account. 

As an Investor in the Quality Shares Portfolio, you get complete transparency on which shares are in the portfolio, and why. You’ll also get regular insights and views from Charlie on markets and companies – and he replies personally to all investment queries, so if you have a question just ask him. 

Wealth Club aims to make it easier for experienced investors to find information on – and apply for – investments. You should base your investment decision on the offer documents and ensure you have read and fully understand them before investing. The information on this webpage is a marketing communication. It is not advice or a personal or research recommendation to buy any of the investments mentioned, nor does it include any opinion as to the present or future value or price of these investments. It does not satisfy legal requirements promoting investment research independence and is thus not subject to prohibitions on dealing ahead of its dissemination.