Personal Income Tax Flashcards
1
Q
Personal Allowance is reduced by …
A
Reduced by £1 for every £2 over £100,000
The abatement ceiling is therefore £125,000
2
Q
EMI income is treated as …
A
Treated as a tax reducer,
NOT
A taxable income reducer
3
Q
If I’ve invested money into a joint savings account, the income in my income tax comp will be …
A
Split 50:50 (assuming the account is 50:50 split)
It is irrelevant who invested the capital sum
