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Later a sixth Schedule, Schedule F (tax on UK dividend income) was added. The Schedules under which tax is levied have changed. Schedule B was abolished in 1988, Schedule C in 1996 and Schedule E in 2003. For income tax purposes, the remaining Schedules were abolished in 2005. Schedules A, D and F remain for corporation tax purposes.
Until 1993 the income tax rate payable on dividends was the same as all other income, and the ACT rate was adjusted to align it to changes in the basic rate of income tax. From April 1993, the ACT rate was cut to 22.5% while the tax rate on dividend income was set at 20%, the first time it was set at a different rate to that payable on other ...
UK income tax and National Insurance charges (2016–17) UK income tax and National Insurance as a percentage of taxable pay, and marginal income tax and NI rate (2016–17) Annual income percentiles for taxpayers in the UK, before and after income tax. In the SVG file, hover over a graph to highlight it.
A think tank wants to double tax bills for self-employed traders who pay themselves in dividends or capital gains to avoid income tax.
From April 2018, the first £2,000 of dividend income is untaxed, regardless of the taxpayer's other income; dividends above this amount are taxed at 7.5% in basic rate income tax band, 32.5% in higher rate income tax band and 38.1% in additional rate income tax band. [46]
MSP kWh is the amount of electricity consumed at the 'meter supply point', which is the customer's meter. GSP kWh is obtained by multiplying the MSP kWh by the Line Loss Factor (LLF, a figure > 1) to include the amount of electricity lost when it is conducted through the distribution network, from the 'grid supply point' to the customer's meter.
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In any accounting period, a company may pay a form of corporate income tax on its taxable profit which reduces the amount of post-tax profit available for distribution by dividend to shareholders. In the absence of a participation exemption, or other form of tax relief, shareholders may pay tax on the amount of dividend income received.