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Under shelter

Changes to dividend taxation in April make it even more important that investors make full use of tax-efficient shelters to create and protect wealth. The allowance was introduced to encourage people to invest by making the first £5,000 of dividend income earned by shareholders each year tax-free. But in March last year, as part of a wide-ranging attack on the self-employed, his successor, Philip Hammond, announced plans to cut the tax-free dividend allowance to £2,000, as of 6 April this year. Dividends above the £2,000 threshold will be taxed at 7.5% for basic rate taxpayers, 32.5% for higher rate taxpayers, and 38.1% for top earners. The biggest losers will be business owners who pay them

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