By Alan Melville
Taxation is the number 1 textbook on taxation within the united kingdom. Now in its fifteenth annual version, this wonderful textual content has verified itself as a competent and complete advisor for college students taking a primary point direction within the topic. This 15th version brings the publication thoroughly updated in response to the provisions of the Finance Act 2009.
summary: Taxation is the #1 textbook on taxation within the united kingdom. Now in its fifteenth annual version, this glorious textual content has demonstrated itself as a competent and entire advisor for college kids taking a primary point direction within the topic. This 15th version brings the publication thoroughly updated based on the provisions of the Finance Act 2009
Read Online or Download Taxation: Finance Act 2009, 15th Edition PDF
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Extra info for Taxation: Finance Act 2009, 15th Edition
Example text
An election to transfer all or 50% of the MCA minimum amount to the claimant's spouse or partner in the year of marriage or registration applies to that amount reduced in the same proportion as the MCA itself. MCA is available in full in the tax year in which a couple separate or in which one of them dies. EXAMPLE 3 Calculate the MCA available in 2009-10 to a husband and wife (both born in September 1934) who each have an adjusted net income not exceeding £22,900 and who marry on: (a) 5 April 2009 (b) 9 April 2009 (c) 23 June 2009 (d) 4 April 2010 Solution (a) A couple who marry on 5 April 2009 are already married by the start of 2009-10, so the MCA of £6,965 is available in full.
If a married couple (or civil partners) receive joint income, such as interest on a joint bank account, the amount of that income will normally be divided between them equally for tax purposes. But if the source of income is genuinely held between them in some other proportion, the couple may make a declaration to that effect and the income will then be divided between them as appropriate. Dividends from jointly owned shares in close companies (see Chapter 27) are always taxed according to the actual proportions of ownership of the shares, rather than automatically being divided equally between the couple concerned.
41 Chapter 4 Payments and gifts eligible for tax relief Introduction Certain payments and gifts made by a taxpayer are eligible for tax relief in the tax year in which they are made. Some of these are subtracted from the taxpayer's total income when computing his or her tax liability. Others act as tax reducers and are relieved by reducing the amount of tax payable on the taxpayer's taxable income. A special tax regime applies to donations which fall within the "Gift Aid" scheme. The purpose of this chapter is to identify the main types of payments and gifts which attract tax relief in these ways and to explain how relief is given for each.