Dividend Tax Calculator 2023/24
By Simon Austerberry, Founder of Quarterday
Work out the tax on your salary and dividends for the 2023/24 tax year, and compare it with the current rates.
Salary, dividends and tax bands change through the year. Quarterday recalculates your tax and your safe-to-spend number each time they do.
Dividend tax rates for 2023/24
| Band | Dividend income | 2023/24 | 2026/27 |
|---|---|---|---|
| Dividend allowance (nil rate) | The first £1,000 of dividends | 0% | 0% |
| Basic rate | £0 to £37,700 | 8.75% | 10.75% |
| Higher rate | £37,701 to £125,140 | 33.75% | 35.75% |
| Additional rate | Over £125,140 | 39.35% | 39.35% |
Salary tax for 2023/24 is the same as 2026/27: a £12,570 personal allowance, 20% up to £50,270 of taxable income, 40% up to £125,140, then 45%.
Employee National Insurance changed part-way through 2023/24: 12% from 6 April 2023, cut to 10% from 6 January 2024. Blended over the year, that is 11.5%. This is the rate this calculator uses for a level annual salary.
The dividend allowance was £1,000 in 2023/24. It halved to £500 from 6 April 2024, and the basic and higher rates rose a further 2 percentage points from 6 April 2026.
How much tax on dividends in 2023/24
These figures assume a salary of £12,570, no other income and the 2023/24 rates. They show dividend tax only.
| Dividends | Tax 2023/24 | Tax 2026/27 (current year) | Increase |
|---|---|---|---|
| £20,000 | £1,662.50 | £2,096.25 | £433.75 |
| £30,000 | £2,537.50 | £3,171.25 | £633.75 |
| £40,000 | £3,987.50 | £4,821.25 | £833.75 |
| £50,000 | £7,362.50 | £8,396.25 | £1,033.75 |
| £70,000 | £14,112.50 | £15,546.25 | £1,433.75 |
| £100,000 | £25,808.75 | £27,842.50 | £2,033.75 |
| £125,000 | £36,513.58 | £38,798.73 | £2,285.15 |
What are the dividend tax rates for 2023/24?
The basic rate is 8.75%, the higher rate is 33.75% and the additional rate is 39.35%.
These rates applied from 6 April 2023 to 5 April 2024. They rose by 2 percentage points each on 6 April 2026, for the 2026/27 tax year.
When was tax due on 2023/24 dividends?
On 31 January 2025, through Self Assessment. That date has passed.
If you have not yet filed, HMRC can charge a late-filing penalty and interest on any unpaid tax. Check your position with HMRC or a qualified accountant.
Why would I still need the 2023/24 rates?
To check a dividend paid between 6 April 2023 and 5 April 2024, or to compare against a later tax year.
A Self Assessment return for 2023/24 could normally only be amended up to 31 January 2026, so that window has now closed.
What this figure assumes
- A £12,570 salary, taken through PAYE, and no other income.
- Full personal allowance and tax code 1257L.
- A taxpayer outside Scotland. Dividend tax rates do not differ in Scotland, but salary tax would.
- No pension contributions, salary sacrifice, or other reliefs.
- National Insurance at the 11.5% blended annual rate.
This is an estimate, from HMRC's published rates, checked each April. Check your position with a qualified accountant before you act on it.
See the 2026/27 calculator for the current tax year, the 2024/25 calculator for the year after, or HMRC's Tax on dividends.
Updated 22 Sep 2026