With the new tax year approaching, investors may be looking for opportunities in UK shares to optimise their Stocks and Shares ISA. 

By getting the most out of the £20k annual allowance, investors can aim to maximise their tax-free returns each year.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.

The UK market continues to offer excellent value, with several stocks trading below their intrinsic worth. 

Here are three shares that appear undervalued heading into April.

Vodafone

Years of high inflation and shrinking budgets has put pressure on Vodafone’s (LSE: VOD) revenues recently. Cash-strapped consumers have been drawn away by lower-priced rivals, leading to a significant fall in the mobile operator’s share price.

Now with a price-to-earnings (P/E) ratio of 9.3, it has a decent amount of room for growth.

But if it can’t provide competitive pricing, it risks losing further business. With an eye-watering £46.4bn in debt, that’s a risk it can’t afford to take.

Addressing this issue, a swathe of strategic overhaul initiatives promise to turn things around. The company has been streamlining processes and divesting underperforming assets such as the sale of its Spanish unit. This indicates a strong drive by management to revive earnings and shore up the flailing stock.

Even after slashing its dividend last year, the yield is still 7.75%, making it an attractive option for income investors to consider.

Curry’s 

Despite being one of the UK’s leading electrical retailers, Curry’s (LSE: CURY) has had a rough time recently. The stock has been very volatile, gaining 20% early this year only to lose it all the following month. 

Declining consumer spending and supply chain disruptions are key factors that remain significant risks for the company going forward.   These issues may be compounded by conflicts in the Middle East and the economic impact of US trade tariffs.

For now, a stabilising retail sector and an improving economic outlook make it well-positioned for a recovery in the second half of the year. Like Vodafone, it’s focusing on cost efficiencies to help recover losses, along with key expansions in specific regions like Norway.

With a low P/E ratio of only 5.3, I think it’s worth considering. There’s a strong chance the overhaul could lead to a notable price recovery.

ITV

ITV (LSE: ITV) is another UK stalwart hit by declining revenues recently as traditional TV advertising incurs losses. Major US competitors like Netflix and Amazon continue to corner the lion’s share of the global market for movies and TV series.

But the broadcaster is working hard to adapt to the evolving media landscape, with its digital ITVX streaming service making impressive headway. 

The company’s focus on content creation and direct-to-consumer revenue streams is promising, reaffirming a resilient business model. Despite these positive developments, the shares still look cheap for now. With a P/E ratio of 7.8, it’s well below industry peers. 

With solid financials and an aggressive drive to produce top-notch media, I like its chances for recovery.

Plus, it has a great 6.2% yield and strong commitment to dividend payments. That makes a stock worth considering in my books.