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The whole tax system has grown increasingly elaborate, thanks to revenue-raising tweaks such as the taxation of child benefit and multiple reforms of dividend taxation. As more changes are introduced, the complexities increase.
This guide offers a brief outline of how your investments are currently taxed and future changes (or freezes) that have already been announced. In the wake of the Covid-19 pandemic, government expenditure increased dramatically and tax revenue declined. In the March 2021 Budget, the Chancellor took some significant steps to increase taxes, with many personal tax allowances and bands frozen until 2026 and a six percentage point jump in the main rate of corporation tax from April 2023.