Exempt Income Flashcards
1
Q
National savings exemption
A
Interest or bonuses on national savings and investment certificates
2
Q
ISA exemption
A
Interest and dividends with an Individual Savings Accounts (ISAs)
3
Q
Winnings exemption
A
Gaming, lottery and premium bond winnings
4
Q
What does non-savings income consist of?
A
Trading profit
Employment income
Property income
5
Q
Non-savings income basic rate
A
£1-£37,700
20%
6
Q
Non-savings income higher rate
A
£37,701-£150,000
40%
7
Q
Additional income higher rate
A
£150,001+
45%
8
Q
What is a tax liability?
A
Income tax on taxable income
9
Q
What is a tax payable?
A
Tax liability - PAYE
10
Q
What is PAYE?
A
Government system of paying income tax and NIC
