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sir i have some problem in investment income.
1.if the tax payer only pays at the starting rate,he or she will be entitled to refund. does it mean if we have only income 2880, we will be refunded 288 later ?
2. while deducting reliefs and PA why we deduct in order from other income, saving income and dividend income?1. If the taxable income was only 2880 and was entirely made up of savings income where basic rate tax had been deducted at source then yes there would be a tax refund but it could be considerably larger than 288 as there is likely to be some savings income covered by the PA and hence has NO tax to pay upon it – have you worked the examples in
chapter 2, especially example 4?2. Because that is the order specified by HMRC
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