Don’t forget that credit union dividend is taxable and should be reported in your tax return, if you are required to submit a return. As a tax payer, most of us have a tax-free Personal Savings Allowance, £1,000 for basic rate tax payers, £500 for higher rate.
Find out more on the UK government website https://www.gov.uk/apply-tax-free-interest-on-savings
We’re trying something new this year – giving Members the option to waive their dividend and/or interest on their savings with DCBank. If you have savings elsewhere and likely to exceed the Personal Savings Allowance, why not consider waiving your dividend? Save on tax and help our community at the same time. A win-win!
We are very grateful for the many Members who deposit with us so we can support our community – we call them our Angel Savers. Find out more below
Angel Savers
