Income Tax, National Insurance Contributions And Capital Gains Tax Flashcards
1
Q
How can income tax personal allowance be split
A
Over different jobs to minimise liability using tax codes
2
Q
How can someone plan to reduce income tax?
A
Giving a salary to a family member
Gifting a child
3
Q
How much is a dividend tax?
A
10% for lower or nil rate tax payers
25% for high rate tax payers
30.5% for additional rate tax payers
4
Q
How much is bank interest taxed?
A
non tax payers can any tax amount
Low rate tax payers are charged the standard 20%
High rate are charged an additional 20% of gross value
High rate are charged an additional 25% of gross value
5
Q
How much is the capital gains tax exemption?
A
£11000 While chattels (tangible moveable items) have a £6000 exemption
6
Q
What is the capital gains tax rate?
A
18% for lower and nil,rate tax payers
28% for higher and additional
7
Q
How much is income tax?
A
0% for
45%
