Income Tax

Question 1

How much is the personal allowance?

Answer 1

£12,570

Question 2

At what level does higher rate kick in?

Answer 2

£50,270

Question 3

At what level does the additional rate kick in?

Answer 3

£125,140

Question 4

How much is higher rate?

Answer 4

40%

Question 5

How much is additional rate?

Answer 5

45%

Question 6

At what level do you start to lose your personal allowance?

Answer 6

£100K

Question 7

At what level do you lose your personal allowance completely?

Answer 7

£125,140

Question 8

How much can you potentially get for the starting rate for savings and at what level do you lose it?

Answer 8

So up to £5000

between £12,570 and £17,570 you lose £1 for every £1 over the personal allowance until £17,570 where it’s gone completely.

Question 9

How much is the personal savings allowance for basic, higher and additional?

Answer 9

£1000, £500, £0 respectively

Question 10

What is the personal savings allowance?

Answer 10

It’s an allowance for earning interest before you have to pay tax.