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proggya
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Hello sir,
My question is on personal allowance transfer between spouse.
If the scenario is like this:Husband : nonsaving income – 23000 (joint asset income included)
Wife : nonsaving income – 2500 (from joint asset)Husband:Non savings income 23000-11000(PA) =12000
Wife: Non savings income 2500 – 2500(PA)= 0tax: (husband)
N.S. 12000 @ 20%= 2400
{(11000-*2500)@ 10%}x 20% = (850)
Income tax liability= 1550*The treatment I used for the tax reducer personal allowance ,is it right ?
Tax Tutor
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No, sorry you are not right – look at OT course notes page 11, Chapter 2, Section 3.1 with accompanying example 11
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