These emails are designed for individuals with interest in United Kingdom taxation. We aim to keep the points short and sweet, and to merely list snippets of relevant but easy to read information.
- Unlike in countries such as the US, the UK treats spouses as separate entities and taxes them as individuals. It is not possible to file a joint tax return in the UK.
- In 1696 in England, William III introduced the infamous Window tax, taxing houses based on the number of windows they had.
- Expat residents must pay the same rates of tax as British nationals.
- In some cases, foreigners who live in the UK but have their permanent home (‘domicile’) outside the country may not have to pay tax in the UK on foreign income.
- In the UK, there is a £2,000 dividend allowance each year. You therefore only pay tax on dividend income above the allowance.
- In 1966, The Beatles released the song “Taxman” which attacked the high levels of progressive tax taken by the British Labour Government of Harold Wilson.
- There are three marginal income tax bands, the first 20% basic rate, the second 40% higher rate and the third 45% additional rate, if you live in England, Wales, or Northern Ireland during the 2021/22 tax year.
- It’s recorded that there were approximately 87 thousand Australian nationals residing in the United Kingdom in 2021.
- Income tax was introduced by William Pitt the Younger in 1799. The introduction of tax allowed Britain to fund the struggle against the French Revolutionary War.
- All UK residents are entitled to open an individual savings account (ISA) and contribute up to £20k each tax year. An ISA is a tax-free savings or investment account shielding your investment from income tax, tax on dividends and capital gains tax.
This message is not given in the form of an opinion, legal opinion or tax advice. If any of the information provided is of interest or relevance to you or your company we would strongly recommend you contact us or another qualified professional for specific advice.