And the tax treatment of pensions, allowing higher rate payers to defer taxation until they are a basic rate payer in retirement, means pensions will still be the first choice for many savers.

此外，退休金的税费规定允许那些税率高的人们推迟纳税，直到退休后回到基本税率标准再进行纳税，这意味着退休金将会成为很多储户的首要选择。

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But the dividends are received by investors as if they have already paid basic rate income tax (the corporation tax rate is about the same as the basic income tax rate).

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Mrs Williams said that if Wales were to be given income tax varying powers, the Welsh Liberal Democrats would want to lower the basic income tax rate to make the tax system fairer and continue Lloyd George's progressive and Liberal principles.

BBC: Kirsty Williams

But because the profit has been taxed already at the company level those dividends are now received tax free by basic rate income tax payers.

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