Basics Flashcards
1
Q
IT Basics
The Main Taxable Social Security Benefits Are:
A
- The State Pension;
- Carer’s Allowance; and
- Statutory Maternity Pay.
2
Q
IT Basics
What is The Personal Allowance?
A
A Tax-Free Allowance Available to UK Residents.
A ‘Standard’ £12,570 For 2023/24.
3
Q
IT Basics
Abatement of The Personal Allowance Occurs When:
A
Adjusted Net Income Exceeds £100,000.
Reduced by 1/2 The Excess.
4
Q
IT Basics
How Does The Personal Allowance Tend to be Allocated?
A
Prioritised Against Non-Savings Income.
Achieves The Greatest Reduction in The Tax Liability.
5
Q
IT Basics
How is Joint Income Received by Spouses Split?
A
Equally.
An Election Can be Made in Accordance With Their Beneficial Entitlement.
