You may get a dividend payment if you own shares in a company, and you can earn a certain amount without paying tax.
In the Autumn Statement, the Chancellor slashed tax free allowances on dividends.
The dividend allowance will be cut from £2,000 to £1,000 in April 2023 and then halved again to £500 from April 2024. This is the amount on which dividends are free of income tax.
This means millions of taxpayers will start paying taxes sooner, including pensioners and business owners who pay themselves in dividends.
The dividend allowance has been held at £2,000 in the previous six tax years.
How much tax you will pay on dividends above the allowance depends on your income tax band.
Basic rate taxpayers pay an 8.75% tax rate, higher rate earners pay 33.75% and 39.35% for additional rate taxpayers.
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