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Investors planning for the tax year end only have a few days left to make necessary adjustments to their portfolios.

From midnight Saturday (5 April) capital gains will be taxed at the new 18% flat rate. Many Aim investors currently only pay 10% so will have to sell by close of markets tomorrow to avoid paying the higher rate.

Investors with deferred capital gains in enterprise investment scheme (EIS)-qualifying shares may also wish to sell up as they will also be taxed at 18% from next week compared with today's 10%.

Meanwhile, ISA investors looking to use up their £7,000 annual limit have a little bit more time to sort their affairs, with some brokers allowing last-minute applications on Saturday.

The new 18% flat rate regime for capital gains will replace the current system of taper relief. Taper relief means the longer you hold the shares the less tax you pay. Higher-rate tax payers start off on 40% and pay less the longer they hold the shares.

Taper relief is particularly generous for Aim investors and, if an Aim share is held for two years, the investor gets 75% relief, so a higher-rate tax payer goes from 40% to 10%.

Barclays and TD Waterhouse are among those brokers accepting ISA applications on Saturday. Barclays will take applications over the phone and internet up until 6pm.

TD has put a 12pm deadline on phone and online applications. Those living in London will also have until noon on Saturday to make a paper application at TD's investor centre in Holborn.