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National Minimum Wage (from 1 April 2016)
The rates below apply from 1 April 2016 and are likely to change again on 1 October 2016.
| Category of worker | Hourly rate |
| Aged 25 and above (national living wage rate) | £7.20 |
| Aged 21 to 24 inclusive | £6.70 |
| Aged 18 to 20 inclusive | £5.30 |
| Aged under 18 (but above compulsory school leaving age) | £3.87 |
| Apprentices aged under 19 | £3.30 |
| Apprentices aged 19 and over, but in the first year of their apprenticeship | £3.30 |
For more information please visit www.gov.uk
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Tax on dividends from April 2016
In the previous tax year (2015/16) you could earn up £31,785 (gross dividends) on top of the £10,600 personal allowance – a total of £42,385 – and pay no income tax at all. However from 6 April 2016, you only won’t pay tax on the first £5,000 of dividends that you get in the tax year. This is from 6 April 2016 to 5 April 2017 the following year.
| Tax band | Tax rate on dividends over £5,000 |
| Basic rate (and non-taxpayers) | 7.5% |
| Higher rate | 32.5% |
| Additional rate | 38.1% |
You don’t pay tax on dividends from shares in an ISA.
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