In 2020-21, a husband has a pension of 11,290 and his wife has a pension of 20,000.

Question:

In 2020-21, a husband has a pension of £11,290 and his wife has a pension of £20,000. They have no other income and they are not Scottish taxpayers. Calculate the combined tax liability of the couple for the year if:

(a) no marriage allowance election is made

(b) the husband elects to transfer part of his personal allowance to his wife.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Taxation Finance Act 2020

ISBN: 9781292360713

26th Edition

Authors: Alan Melville

See More Books

Question Posted: Feb 10, 2024 01:02 AM

See More Questions

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
A husband and wife both claim the basic personal allowance in 2017 -18. The husband's total income for tax purposes is 10,4 00 and the wife's income is 30,000. None of their income is derived from...
Felipe and Martina Gomez are both 66 years old. They are both in good health and have been married for over 30 years. Over the years, Martina has accumulated a portfolio of dividend paying stocks....
List all paths from A to H. Which paths have the lowest weight? Which path has shortest length? Is the graph connected (strongly or weakly)? 3 12 15 18 F 10 5 19 B' H 10 6 5 3 22 E G
A solid piece of lead has a mass of 23.94 g and a volume of 2.10 cm3. From these data, calculate the density of lead in SI units (kg/m3)
At a distance of $3.0 \mathrm{~m}$ from your stereo system with two speakers, what power output must your stereo amplifier have in order for the intensity level to be $80 \mathrm{~dB}$ ? Assume...
(a) Determine the center-of-mass velocity of the two carts in Figure 6.8 (a) before and after the collision, and verify that it is equal to the velocity of the carts at the point where the two...
CVP analysis, shoe stores refer to requirement 3 of Problem 3-38. In this problem, assume the role of the owner of Walk Rite. If you want to use Excel to solve this problem, go to the Excel Lab at...
9. An arrow 2.5 cm high is placed at a distance of 25 cm from a diverging mirror of focal length 20 cm., Find the nature, position and size of the image formed. 10. The image formed by a convex...
Calculate the MCA available for 2020-21 in the following situations: In each case, MCA is claimed and the stated income figure is the adjusted net income. All of the couples were married before 5...
Ben (who is not a Scottish taxpayer) has business profits of 110,520 in 2020-21. He has no other income and makes no Gift Aid donations or pension contributions. Calculate the amount of his 2020-21...
During the next four months, a furniture manufacturer will be entering its holiday season. Management expects commercial trade receivables to reach $900,000 and will be seeking a bank loan that will...
A company had been charging depreciation on a machine at Rs 10,000 per year for the first three years. Then it began charging Rs 9,000 for the fourth year and Rs 7,800 for the fifth year and so on....
3. Design the following form using html code Application Form User Name: Password: Gender: Education: (Select all that apply) Language Skills: Comments: Man Woman H. School English Arabic Spanish...
Artificial Intelligence has become a mainstay in marketing. From supply chain to target market selection. Pick a point in the marketing process and predict what will be true 5 years from now for...
Simplify: 16q42 V Report your answer with a positive value of q.
The electrolysis process is carried out for a 5 M sodium chloride solution for the production of sodium hydroxide and chlorine. The process is carried out at room temperature at sea level (T=25C and...
C. B. Seabright, a U.S. congresswoman, has just received from her staff an analysis of FASB Statement No. 106, Employers Accounting for Postretirement Benefits Other Than Pensions. Seabright is very...
As of January 1, 2018, Room Designs, Inc. had a balance of $9,900 in Cash, $3,500 in Common Stock, and $6,400 in Retained Earnings. These were the only accounts with balances in the ledger on January...
Cluppins and Raddle form a partnership on 1 November 2017, preparing accounts to 31 May each year. Bardell is admitted as a partner on 1 January 2019. Cluppins leaves the partnership on 29 February...
Wardle, Jingle and Trotter began trading on 1 October 2019, preparing accounts to 30 September each year and sharing profits in the ratio 7:2:1. Results for the first two years of trading are as...
Dodson and Fogg began trading in equal partnership on 1 July 2018. On 1 July 2019, they admitted Jackson as a partner and agreed to share profits in the ratio 5:4:1. The adjusted trading profits of...
1. How is restricted cash handle in the balance sheet? 2. What is segregation of duties? Give an example of functions that should be separated. 3.Why do food stands have a sign that says, "If you...
Which of the following controls would be most effective in detecting a failure to record cash received from customers paying on their accounts? Explain your answer. (1) A person in accounting...
A research analyst from ABC Investment bank has estimated the following: Free cashflow from year 1-4 (in millions) Year 1 10 2 28 3 4 32 50 Assume that free cash flow grows at an annual rate of 3%...

In 2020-21, a husband has a pension of 11,290 and his wife has a pension of 20,000.

Question:

Step by Step Answer:

a The husbands income is exceeded by his personal allowance of 12...View the full answer

Taxation Finance Act 2020

Students also viewed these Business questions