When you can take the holidays will depend on your contract, usually employers have to be reasonable, but if you're finishing up before the end of the holiday year and it doesn't suit them for you to take the holidays, then can usually refuse. You are of course entitled to be paid for any holidays that you are not permitted to take.
From a social welfare point of view, if you take the holidays before the contract is terminated you will not get paid any Jobseekers payment due for the days that you get holiday pay for. If the contract is terminated, then any backdated holiday pay does not affect your Jobseeekers entitlement.