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Tax Breaks – Don’t Miss Out

Posted By: AccountancyManagers / 0 Comments
Posted On:May 25th, 2016

The Chancellor of the Exchequer delivered his Summer Budget to Parliament on 8th of July 2015. Here are key updates from this budget;
Dividend taxation – all change from April 2016
The tax regime for dividends will change for 2016. This sees the abolition of the dividend tax credit of 10%, a dividend tax-free allowance and tax rates for dividend receipts.

Dividend tax allowance £5,000
Basic rate taxpayers 7.5%; you will pay personal tax on dividends on basic tax band
Higher rate taxpayers 32.5%
Additional rate taxpayers 38.1%

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