WARR & CO ACCOUNTANCY BLOG
Last week the Government launched the new Lifetime Isa, offering a maximum £1,000 cash for FREE every year – yep, you read that right! So what do you have to do to get in on all of this free cash flying around, and is it right for you? Read on to learn more…
In the summer budget the Chancellor announced that from 6th April 2016 the tax credit on dividends would be replaced by a £5,000 tax free dividend allowance available to all. He went on to say that a dividend tax would also be introduced so that basic taxpayers would pay 7.5% tax, higher rate taxpayer would pay 32.5% tax, and additional rate taxpayers would pay 38.1% tax.
Tax avoidance schemes have been around for many years, but until about 20 years ago these were used by rich individuals and large companies to shelter very large sums (typically £1m +) from the taxman. They were usually designed by the very large firms of accountants with the help of senior counsel and high fees were charged to participants, often over £100k.