Tax raid on dividends

Raid on dividends helps bring record income tax haul for HMRC Income tax receipts have soared to a record £191bn for the 2018-19 tax year, representing a 6% increase on the previous year. Income from self-assessment income tax receipts was 12% higher than in 2017-18, driven in part by a cut to the amount you can earn from dividends without paying tax. Last year, the Government cut the dividend allowance to just £2,000, from £5,000 in April 2018. This came as British firms paid out a record £100bn in dividends. High levels of employment and rising wages are also thought to have contributed to the taxman’s record haul.