Paraplanner Zone: Piers Denne

Q. What changes have come into force? A. The implications of a 50% tax regime would appear to be very simple; at one level it means that for those liable for this higher rate, i.e. taxable annual income over £150,000, they will be working longer for HMRC than they were before. However as always with HMRC the devil is in the detail. Not only is income taxed at a higher rate over £150,000, personal allowances start reducing from £100,000 and become non-existent on salaries over £112,950. Aside from legislative changes, there is also ample evidence HMRC is applying regulations on tax advant...