Mary's income for tax year 2020-21 consists of business profits of 26,920, dividends received of 124,460 and
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Mary's income for tax year 2020-21 consists of business profits of £26,920, 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 2020-21, assuming that the rents received are not within the "rent-a-room" scheme.
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In the UK the income tax calculation is quite complicated as each type of income is taxed at a diffe...View the full answer
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