UK Tax Calculators.co.uk
UK Tax Calculators.co.uk
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the 2016/17 dividend tax seems to be wrong as it assumes the £5000 0% band is given against higher rates.
Fred - 14/10/2015 16:57:45The details within the Summer Budget 2015 policy paper state that from April 2016 the Dividend Tax Credit will be removed and replaced with a new tax-free Dividend Allowance of £5,000 a year for all taxpayers.
Ray Arman
Multi source wizard calculator doesnt allow £1000 of personal savings allowance (500 if higher rate)?
Ac - 14/07/2015 18:12:46This has been corrected and should now be showing.
Ray Arman
Follow up example: Use 12.8k net savgs income, 5k divs. Calc shows no tax. Add £1 to divs, calc shows £1000.08 tax!
AC - 14/07/2015 17:01:30The calculator was taking dividend income into account as non-savings income. This has been removed now. If your non-savings income is above the starting band level, the 0% rate will not apply and the basic rate percentage will be used instead.
Ray Arman
Follow up: I read dividend income eligible for the personal allowance if no earnings http://bit.ly/1LeZndJ
Ac - 14/07/2015 16:55:49There 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 10:00:16Gross 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