Peter Norris- Lecture 2- term 2

January 26, 2015 § Leave a comment

In this lecture we learned about income tax and capital gain tax. I found this lecture to be a little boring and I found that I knew a lot of the things being sad from when I took financial studies in school.

 

Basic rate tax

  • £10,000-£31,000 = 20%

Higher rate tax

  • £31,000- £150,000 = 40%

Additional rate tax

  • £150,00+ = 45%

 

Typical terms are shares, bonds, antiques, valuables et…

Tax only applies if items are above £6000

-Personal allowance = £11000

 

Don’t expect your client to pay your tax

Must work within financial limits

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