Jeremy Hunt slashes dividend allowance in blow for investors

The tax expert also highlighted ways in which savers can avoid paying an excessive amount of tax following the dividend allowance cut.

He added: “To avoid paying more tax than is necessary on dividends, you should ensure you are making use of all available tax shelters, such as the generous £20,000 ISA allowance.

Mr Hunt has chosen to halve the tax-free allowance, cutting it from £12,300 to £6,000, with it set to drop further to £3,000 in April 2024.

“You can also make use of the children’s Jisa allowance which is set at £9,000 annually.”

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