Lecture notes
Lecture Notes on Personal Income Tax
- Institution
- Coventry University (West Midlands) (CU)
This document is an overview on Personal Income Tax for the module Principles of Taxation
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5001ACC – Lecture 2Income Tax Computation
Computing Taxable Income
Aggregating components of income – ‘collecting’ of all types of taxable income
Dealing with reliefs – loss relief, gross pension contributions etc
Personal Allowances – including blind person’s allowance
Computing Tax Liability
Income Tax rates – at each type of income ensure you are using the right rates
Tax borne/liability – what you get in total from applying above
Tax reducers – these include credits, tax already deducted, MCA, maintenance payments or
double tax relief
Tax payable/repayable – This is what is left to be paid/repaid
Exempt Income
To encourage certain actions, to not ‘punish’ certain income or where it is uneconomical to tax
Savings and Investment
National Savings Certificates (NSCs)
Individual Savings Accounts (ISAs)
Venture Capital Trust dividends
Child Trust Fund
Property
Gross rents (<£7,500 p.a.) ‘Rent a Room’
o Conditions: Main Resident and fully furnished
Employment
Minor Benefits – Generally costing <£50
Redundancy payments <£30,000
Training costs
Workplace childcare, sports, or recreation facilities
Approved mileage payments
Pension lump sum
Employer funded or reimbursed COVID tests
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