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|Budget 2017: Investec Wealth & Investment comments on income tax regime|
|Thursday, 09 March 2017|
Commenting on today’s Budget, Simon Bashorun, Financial Planning Team Leader at Investec Wealth & Investment, said: “The government has for some time looked to address perceived inequalities in the income tax regime and adapt it to the changing ways in which people earn a living. We saw this last year with the changes to dividend taxation, which significantly increased the tax bill for many who paid themselves by drawing dividends from a limited company. The proposed reduction in the dividend allowance from £5,000 to £2,000 in 2018 will further increase these tax bills.
"The proposed reduction will also increase the tax bill for investors who hold stocks and shares investments yielding over £2,000 per annum outside of their ISAs. In many cases, there will now be a need to review portfolios only recently adjusted to take into account the £5,000 dividend allowance. With an estimated five million people now working in the 'gig economy', and many of those on a self-employed basis, it is not surprising that National Insurance Contributions for the self-employed are being brought more in line with those paid by employees.”
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