The end of the UK tax year - April 5- is only a couple of days away. Many people do not use the opportunities to minimise their tax bills each year, so here are some helpful ideas.

Annual exemptions

Everyone has an annual exemption for capital gains tax and inheritance tax. If you have not made any gains this year, selling now could realise a gain within the annual exemption of £7,200. For inheritance tax purposes you can afford to give away £3,000 to your children.

Crystallise losses

If your gains exceed the annual exemption and you have assets standing at a loss, is it worth selling them now so that the loss will help reduce the tax charge on the gains? The losses may still be there in the future, but you may not have the gains to use them effectively. Take advantage of them now. Defer disposals eligible for taper relief

Capital gains are normally eligible for taper relief, which reduces the gain if you have held the asset for a number of years. It is based on a the number of whole years you have held an asset, and for assets held before April 6, 1998, this year coincides with the tax year. A gain realised on April 6 will give you an extra year of taper relief compared to a gain realised on April 5, and therefore a lower gain and less tax.

Invest in tax shelters

The Government gives tax privileges to investors in venture capital through the Enterprise Investment Scheme and Venture Capital Trusts. Income tax relief is available on subscriptions and it is possible to defer capital gains tax by reinvesting gains in these entities. Invest in an ISA

Individual Savings Accounts carry tax advantages, though not on the initial investment. However, with a £7,000 limit to such an investment each year, it makes sense to take advantage of the opportunity every year where finances permit.

Personal pension contributions

The rules governing the tax relief for contributions to personal pensions change from April 6. At present it is possible to carry forward unused relief for up to six years. This will be reduced to one year for next year and onwards. It will still be possible to pay contributions next year - before January 31, 2002 - and to claim relief in the current year using the old carry-forward rules, but they will be limited to your earnings in the current year. If you have abnormally low earnings this year, or large unused relief, it may be necessary to pay something this year and use it to claim relief for last year to get full value from your pension.

*For further information call Rob Menhenitt on 01865 722744.

Julie Pickford is a partner at chartered accountants Mazars Neville Russell. Write to her for free advice at: Mail Money, Mazars Neville Russell, St Thomas House, 6 Becket Street, Oxford OX1 1PP. Advice is for guidance only. Registered to carry on audit work and authorised to carry on investment business by the Institute of Chartered Accountants in England and Wales.