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Merging Income tax and National Insurance

18th August 2015

The merging of national insurance and income tax has been discussed for the last few years by HM Revenue & Customs and others. The way forward on this has now been made easier as dividends will be taxed at a higher percentage rate now, similar to that of national insurance rates for the self-employed. Other sources of income that are taxed at a lower rate are: bank interest and property rental income. Bank income won't be too difficult to add extra tax to, since most bank interest...