The Budget - 11 March 2020 - cross post

[PinkDalek]

In an attempt to keep things in one place, here's a link to The Economy including Budgets

viewtopic.php?p=289834#p289834

[PinkDalek]

I’ll continue here with:

Appendix A
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/871928/Annex_A_Rates_and_Allowances.pdf

Having no intention of bothering, on a mobile, to go through the mechanisms of looking at a now restricted access topic. A topic which has been available to all for a month or two now.

[BBLSP1]

I’ll continue here with:

Appendix A
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/871928/Annex_A_Rates_and_Allowances.pdf

Second page, dividends, Note 3: Apply to dividend income received above the £5,000 tax-free Dividend Allowance, introduced in April 2016 to
replace the Dividend Tax Credit.

I thought this was now actually £2,000?

[Itsallaguess]

With a view to helping to keep this Budget thread alive on the 'Taxes' board, can I please ask people to keep politics out of this particular thread, and also that people behave themselves with regards to the type of language being used?

If anyone feels the need for a 'Polite Discussions'-type debate over the 2020 Budget, then they can continue to do so on the thread linked here - https://www.lemonfool.co.uk/viewtopic.php?f=63&t=21184

Cheers,

Itsallaguess

[PinkDalek]

I thought this was now actually £2,000?

Confusing isn't it!

https://www.gov.uk/government/publications/income-tax-dividend-allowance-reduction/income-tax-dividend-allowance-reduction shows the (misnamed) Dividend Allowance was to be reduced to £2,000 wef 6 April 2018.

I think you may have found the deliberate errors, possibly copying from prior year announcements.

Note 3 does show 3 Apply to dividend income received above the £5,000 tax-free Dividend Allowance, introduced in April 2016 to replace the Dividend Tax Credit. and note 9 From April 2016, the new Dividend Allowance means that individuals will not have to pay tax on the first £5,000 of dividend income they receive.

The Dividend allowance table though is correct:

Tax year 2019-20 and Tax year 2020-21
Dividend allowance £2000 and £2000

https://www.gov.uk/tax-on-dividends (not yet reflecting 2020-21) confirms the existing £2,000, from 6 April 2018.

[PinkDalek]

Pulling in some of my earlier posts, which were originally posted today at The Economy (including Budgets).

--- Commencement of repeated posts ---

12:11 Not long to wait and it'll no doubt be interesting given what is happening at the moment (including but not limited to this morning's cut in the base rate), especially once the detailed documents are released.

Budget 2020
https://www.gov.uk/government/topical-events/budget-2020

13:08 Entrepreneurs‘ Relief lifetime limit reduced to £1,000,000.

14:41 Budget 2020: documents
https://www.gov.uk/government/publications/budget-2020-documents

I’ll read later!

14:49 TIINs here https://www.gov.uk/government/collections/budget-2020-tax-related-documents#tax-information-and-impact-notes

Including CGT annual exempt amount increase to £12,300 (Trusts etc £6,150) from 2020-21 here https://www.gov.uk/government/publications/changes-to-the-annual-exempt-amount-for-capital-gains-tax-for-the-tax-year-2020-to-2021

TBC for my interest anyway.

--- End of repeated posts ---

If anyone is thinking of replying, please consider the post by Itsallaguess https://www.lemonfool.co.uk/viewtopic.php?p=289919#p289919 before so doing.

(I bookmark this Topic and don't want to read nor be associated with the board known as 'Polite Discussions'. This episode has wasted both Itsa's and my time)

[Bouleversee]

Nothing about IHT, then, or exempt gifts?

[PinkDalek]

Nothing about IHT, then, or exempt gifts?

Not nothing but nothing that I could see that you are wondering about.

I found 4 IHT hits here https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/872040/Budget_2020_overview_of_tax_legislation_and_rates__OOTLAR.pdf relating to Windrush, the Troubles Permanent Disablement and Kindertranport.

I’ve yet to search in all places though.

[Bouleversee]

Thanks. I see page36 says no change to Iht. Will read further tomorrow.

[BBLSP1]

I thought this was now actually £2,000?

Confusing isn't it!

https://www.gov.uk/government/publications/income-tax-dividend-allowance-reduction/income-tax-dividend-allowance-reduction shows the (misnamed) Dividend Allowance was to be reduced to £2,000 wef 6 April 2018.

Indeed! I am as guilty as the next for copy, paste and edit of monthly reports etc but a key document such as this deserves better checking! And, as you mention, my understanding is that this is a 'nil-rate band' rather than an 'allowance'.