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While many of us were taking a much needed break this summer, the Chancellor was busy announcing a series of changes as part of his latest budget. Many of these changes will come into effect as of April 2016; one that will affect many individuals and companies is the change to dividend tax.
What are dividends?
Put simply, a dividend is a sum of money paid regularly to the shareholders of a company from its profits. That might mean you get a dividend from a company you own or work for, from somewhere you have money invested, or even from a pension fund. For many companies, paying dividends has been a more tax efficient way to pay directors than through the salary route. Indeed, it’s traditionally been one of the main benefits of being an incorporated company.