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Basic or Higher Rate Tax Payer?

Practical Issues
paulatscafell
Posts: 2
Joined: June 1st, 2018, 6:55 am

Basic or Higher Rate Tax Payer?

#144245

Postby paulatscafell » June 7th, 2018, 6:39 am

I am trying to determine whether I am a basic or higher rate tax payer in relation to the Personal Savings Allowance. I understand you have to work out your Adjusted Net Income. Can you tell me whether Capital Gains,from non ISA UK Unit Trusts / OEICS which are below the annual CG allowance, should be included in Adjusted Net Income. My Salary - Pension (Salary Sacrifice) + total Savings Interest + total Dividends is around £43k. I also have Capital Gains this tax year (18/19) of around £8k, so depending on whether the Capital Gains count towards the Net Adjusted Income, will determine if I am a basic or higher rate tax payer.

Alaric
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Re: Basic or Higher Rate Tax Payer?

#144256

Postby Alaric » June 7th, 2018, 9:18 am

paulatscafell wrote:I also have Capital Gains this tax year (18/19) of around £8k, so depending on whether the Capital Gains count towards the Net Adjusted Income, will determine if I am a basic or higher rate tax payer.


I don't believe Capital Gains count for Income in that context. Provided they are below the allowance, you aren't required to disclose the exact amount to HMRC.


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