QUICKWISDOM Income Tax


The fact that each individual has their own personal allowance and their own starting and basic rate tax bands means that tax savings are available where income can be legitimately shifted from a higher or additional rate taxpaying spouse to a non, starting or basic rate taxpaying spouse.


This is especially so in regard to income that falls between £100,000 – £121,200 which causes the removal of some or all of the personal allowance and an effective tax rate of 60% for non-dividend income.


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