Changes to Dividend Allowance

Dividend Allowance Currently only higher or additional rate taxpayers pay tax on dividends. However from April 2016 the Dividend Tax Credit will be replaced by a new tax-free Dividend Allowance. The Dividend Allowance means that you won’t have to pay tax on the first £5,000 of your dividend income, no matter what non-dividend income you have. The allowance is available …

Scottish rate of income tax

Latest news issued from HMRC for  residents living in Scotland                   The Scottish rate of Income Tax will come into effect from 6 April 2016. On 2 December 2015, HMRC will start to contact customers living in Scotland where records show that this is their main address, to inform them they have been identified …

Marriage allowance

Combine your Tax Free Allowance                                                How it works If you’re married or in a civil partnership and one of you earns less than £10,600 you could benefit from the new Marriage Allowance. Marriage Allowance lets you transfer …

Change to dividend income taxation

The following is a Factsheet published by HMRC on 17 August outlining a change to Dividend income taxation. 1. Summary From April 2016 the Dividend Tax Credit will be replaced by a new tax-free Dividend Allowance. The Dividend Allowance means that you won’t have to pay tax on the first £5,000 of your dividend income, no matter what non-dividend income …