Dividend-tax grab shows why Isas and pensions still matter

George Osborne’s July 2015 budget was seen as a blow to tax-efficient savings schemes such as individual savings accounts (Isas) and personal pensions. Osborne announced all taxpayers would be given a £5,000 annual tax-free dividend allowance in the 2016-2017 tax year. Since 85% of people don’t earn dividends worth more than this amount, the need to use Isas and pensions to shelter your investments from tax became more questionable, particularly given that capital gains also enjoy a fairly generous tax-free annual allowance (£11,100 in the current tax year).

But just over 18 months later, Philip Hammond’s 2017 [...]

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