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September 25, 2016 at 7:59 pm
. 15/16 INCOME LESS OF £100,000 ..allowance £10600……Even born bfore06/Ap/38.
This person ‘s income was £50,000.
. Income less of £27,700……allowance £10660… born after 06/Ap/38… if more, as above
. £100,000< any amount <£121,200…£10600 split £1 per each £2 of exceed on £100000
August 26, 2016 at 4:59 am
@AccaGirl He used the Personal allowance as 10,600 because the Personal Allowance for the tax year 2015/16 is 10,600. You can also refer this in Page no. 5 on opentuition notes
July 28, 2016 at 11:57 am
so what exactly is the purpose behind grossing these amounts? I don’t get the concept behind notional interest..
July 28, 2016 at 12:19 pm
oh yes! is it because they are received net?
July 27, 2016 at 11:57 am
kindly tell me the concept of saving income first 5000 in this example
md mazadul says
September 22, 2016 at 2:23 pm
O% rate of Savings Income rule will apply where savings income falls within the first £5,000 of taxable income…..For example: if you have only £3,000 as your bank interest income & there are no non-savings income, on that case you don’t need to pay any taxes (0%)
July 2, 2016 at 11:46 am
You guys are doing a great job. Plenty thanks. Please are these the current tax rates?
July 23, 2016 at 1:37 pm
Yes absolutely these are fresh rates and allowances.good luck
August 25, 2016 at 9:42 am
Please, why did he use a personal allowance of 10,600 instead of 10,000?
August 25, 2016 at 9:43 am
I’m referring to example one
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