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I receive typically a little over £2000 of foreign dividend income each year. I have declared an estimated amount for this in my PAYE account in order to collect the expected tax due via payroll, to reduce the amount payable on submission of my return.
However, the way this income has been taken into account in my tax code appears to ignore the fact that this income is subject to the separate dividend allowance of £2000. As a result, for the last few years I have been significantly overpaying tax through the year, and then having to claim back a repayment of order £1000 via my return.
Is this a known issue with the tax code calculation?