Every tax year savers are given a gift by HMRC by way of a set of new annual tax reliefs. How these reliefs are best used is very much determined by an individual’s circumstances. But we often find that savers aren’t aware of these tax reliefs and waste them – because they are granted annually and can’t be recovered later. HMRC limits the amount to which these tax reliefs can be applied; these limitations are known as the annual allowances. This is our quick guide to these allowances.