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I am 62 and have retired from full time working I have a pension of approx £25 per annum I also am sole director of a limited company through which I consult, and since I assume the pension uses up all my personal allowance PLUS around £15K of my lowest tax band I wanted to pay myself from my consultancy company in dividends

However, a quick calculation suggests that all income to the ltd company is subject to 20% corp tax, then distributed dividends would mostly be at the higher tax band for me ? i.e. 25%. When added to the 20% corp tax, this makes a net tax of 45%. Is this correct or have I misunderstood something and would I be better just to be a sloe trader ?  

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