Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Wed, 29 May 2024 20:44:50 GMT by PFsea
Hi, As an English resident taxpayer, I simply can't find a comprehensive order of taxation for my situation, which is probably not uncommon, but you simply can't find online anywhere. HMRC should display more examples covering the majority of scenarios and not just the for those with one or two income streams. I have: PAYE earnings + BIK company car + rental income - this I understand is treated as the same thing for personal tax, after my personal allowance. Savings interest - after my savings allowance, this is added to the previous amount for tax Dividends - after any dividend allowance, this is then taxed at 8.75% [if any Basic rate left] or 33.75% [if between the Higher and Additional rate] Less any Reliefs [eg VCT 30% tax relief] and Property Finance 20% tax credit. Property CGT - after any CGT allowances, this is taxed at 18% [if any Basic rate left] or 24% [after the Basic rate is used up]. Does Dividends play any part in calculating CGT or, as I believe, is ignored? Please confirm my order of tax is correct or advise. Many thanks.
Posted Tue, 04 Jun 2024 08:42:37 GMT by HMRC Admin 5

There is legislation that required income tax to be charged in a specific order.  
Please have a look at Income Tax Act 2007 and Income Tax Act 2007.  

Thank you

You must be signed in to post in this forum.