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April 9, 2015 at 1:14 pm
can you please explain the meaning of this
A claim against total income in 2014/15 would waste the personal allowance for 2014/15 and save no income tax. The claim in 2013/14 will also waste the PA but will generate a repayment of tax of 20% on a taxable income of £21,000 (31,000 – 10,000).
does this mean if the total income of the current tax year is 10000 or less, we should not claim in the current tax year? only if it is more than 10000, we can do so?
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