Calculate the 2021-22 income tax liability of a non-Scottish taxpayer with income for the year as follows:

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(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?

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Taxation Finance Act 2021

ISBN: 9781292406725

27th Edition

Authors: Alan Melville

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Question Posted: Jan 31, 2024 02:01 AM

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Calculate the 2021-22 income tax liability of a non-Scottish taxpayer with income for the year as follows:

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Since you didnt specify which countrys income tax were calculating Ill presume its for the United Kingdom However note that these calculations might c...View the full answer

Taxation Finance Act 2021

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