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Follow up: I read dividend income eligible for the personal allowance if no earnings http://bit.ly/1LeZndJ

Ac - 14/07/2015 16:55:49

There is no clarification yet from HMRC on whether the non-savings personal allowance can be used against the dividend income directly. We will update as more information for the 2016 tax year is released.

Ray Arman

Assume 2016/7:16k gross savings, 5k divs, 11.1k CGT. Should = nil tax overall. Doesnt.

Ac - 14/07/2015 10:00:16

Gross savings of 16k, so enter 12.8k net savings into calc. Total annual gross income therefore equals 32.1k, which is over the amount allowed to have tax-free savings up to 5k. The only tax charged is on savings at source, but some of that is refundable as total non-savings income is less than 16k. So, no extra tax to pay but a refund of tax charged at source on savings of 2.2k.

Ray Arman

1 query example 2; you have not taken advantage of the last £2,888 personal allowance after only £8112 salary???

Luke Randolph - 09/07/2015 19:35:08

The second example attempts to only take a salary equal to an amount before it would be liable to NICs. It may not be the best scenario depending upon the profit but is placed there to allow comparison.

Ray Arman

In terms of the dividend vs salary calculator how about a max £32k dividend option illustration?

Richard Russell - 09/07/2015 12:52:23

It depends upon the level of profits input into the calculator at the moment. So a £32k dividend will only be taken if the company has net profits after CT of £32k.

Ray Arman

I also think that the tax on dividends is not taking into account the new £5K allowance and the 3 differentrates of taxation

Will Barnett - 09/07/2015 12:18:24

This has now been added. Select the 2016/17 tax year option.

Ray Arman

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