Dividend and Tax Update

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As the tax year draws to a close, we respectfully remind all our members that, although dividends are paid gross, the responsibility remains with the member to declare such gross payment to HMRC, in case of liability to tax.

We have been advised that HMRC are tightening their procedures for ensuring that tax is ultimately paid, where appropriate.

We would like to make members aware that HMRC require the Credit Union to submit an annual return at the end of each financial year detailing all dividends paid to members during the course of the year. We reiterate that it remains each member’s responsibility to declare to HMRC all dividends that they have received from us.”