Taxation_FinanceAct-2022_Melville.pdf
PART 1: Income Tax and National Insurance
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2.2 Calculate the 2022-23 income tax liability of a non-Scottish taxpayer with income for the
year as follows:
(a) Business profits of £28,175 and bank interest of £720.
(b) Business profits £50,420, building society interest £930 and bank interest £570.
(c) Net loan interest of £130,604.
Assume a personal allowance of £12,570 in cases (a) and (b) and £nil in case (c). How
would these liabilities differ in the case of Scottish taxpayers?
Stephanie (who is not a Scottish taxpayer) has the following income in 2022-23:
Income from self-employment
Rents received
Bank interest
Compute Stephanie’s income tax liability for the year, assuming that the rents received are
not within the “rent-a-room” scheme and that Stephanie is entitled to the personal
allowance of £12,570. How would this differ for a Scottish taxpayer?
Ernest (who is not a Scottish taxpayer) has a retirement pension in 2022-23 of £57,160
and bank interest of £620. His personal allowance for the year is £12,570. Compute
Ernest’s income tax liability for the year. What difference would it make if Ernest had
received dividends of £620 instead of the bank interest?
Ivan (who is not a Scottish taxpayer) has the following income for tax year 2022-23:
Part-time salary
Net interest on gilt-edged securities
Premium bond prize
His personal allowance for 2022-23 is £12,570. Compute the income tax payable by Ivan
for the year. How would this differ for a Scottish taxpayer?
*2.6 Mary’s income for tax year 2022-23 consists of business profits of £26,930, dividends
received of £124,460 and rents received of £3,750. She is not a Scottish taxpayer and her
personal allowance for the year is £nil. Calculate Mary’s income tax liability for 2022-23,
assuming that the rents received are not within the “rent-a-room” scheme.
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