Knife falls on non-taxpayers''s income

Article Abstract:

A United Kingdom dividend tax credit of 20% will be abolished from April 1999. The loss will be less for investors using tax shelters who will see a reduction to 10% prior to the disappearance of the tax credit after five years. Non-taxpayers can reclaim tax through the dividend tax credit, but they will be unable to do so after it is abolished. after 2004, even for users of tax shelters. Non-taxpayers could use alternative forms of investment such as bonds, or savings accounts where tax can be recovered.

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Caught in the ACT

Article Abstract:

The reduction in dividend tax credits in the United Kingdom affects investors with individual savings accounts (Isas) and personal equity plans (Peps), especially non tax payers. The rate has been cut to 10%. The rate of income tax that is levied on dividends has been cut to 10% from 20% for taxpayers a the lower and basic rates, and to 32.5% from 40% for taxpayers at the higher rate. The attractiveness of the tax shelter is dominished by the reduction in dividend tax credits.

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