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Q. Michael and Della are married. In the tax year 2016/17, Michael earned 12400 over his personal allowance. Della made no income. Della has made an election for her personal allowance for the year 2016/2017.
What is Michael’s tax liability?
A. Tax= 12400 @ 20% =2480
less transferred personal allowance tax reducer £1100 x 20% = 220
liability= 2260.is £1100 a set amount? where did it come from?
thank you!
It comes from the notes and lectures on chapter 2 which you clearly have not properly worked through! There is no short cut you can take here you simply have to learn what is in the notes and lectures and then practice by using the revision kit.
If you had worked through chapter 2 you would not have asked either of the 2 questions you have just submitted!
Tax is all about rules that need to be learned – if you do not learn them you cannot answer the questions!
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