Annual income tax return

Is it absolutely necessary to declare dividends from share holdings even if they fall well within the present £2000 allowance permitted? I ask because with the recent reports of allowances being cut for the next two years, this will impact on my tax liability.

Hi,

If you already complete a tax return then yes you will still show them.

The allowance reduces to £1000 from 6 April 2023 so if you are above this, you will need to declare them as tax will be due on the excess.

Thank you.