The basic rate of income tax and higher rate remain at 20% and 40% respectively,and the 45% additional rate continues to apply to income over £150,000.There had again been rumours that the dividend rate might be increased, but dividends continue to be taxed at 7.5%, 32.5% and then 38.1%,depending upon whether the dividends fall into the basic rate band, higher rate band or the additional rate band. Note that the first £2,000 of dividend income continues to be tax-free.The annual ISA investment limit increased to £20,000 from 6 April 2017 and remains at that level for 2020/21.There will be a significant increase in the Junior ISA limit to£9,000 for 2020/21.Despite a thorough review of all tax reliefs by the Treasury, the much rumoured restrictions in pension tax relief again failed to materialise.
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