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Relief at the ready
KEY POINTS
- £5 000 savings starting rate of 0% available if non-savings income does not exceed combined amount of the personal allowance and £5 000.
- Basic rate taxpayers can receive up to £1 000 of interest tax free while those on the higher rate can receive up to £500.
- All taxpayers can receive up to £5 000 of dividends annually at 0% rate of tax falling to £2 000 from 6 April 2018.
- Trading and property allowances of £1 000 each available from 6 April 2017 (but removed from Finance (No 2) Bill 2017 as the article went to press).
- HMRC software is not coping in some cases when savings and dividend income is received.
In the past few years the government has attempted to ease the...
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