Draft Legislation on Dividend Allowance Published
On December 9, the UK government published the draft legislation on dividend allowance. This follows from summer 2015 budget reports in which the government declared that there will be a new dividend allowance of £5,000 starting from sixth April 2016. Consequently, it is expected that the rate of tax on dividend income will change. Beginning from that date, the existing dividend tax credit will be scrapped and a new dividend tax allowance of £5,000 will be introduced. As a result...
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