Marginal tax rates in 2015-16 (UK Finance Act 2015)

In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again.

  1. If an employed person receives a pay rise of £3,000 for 2015-16, when will this impact upon their tax credits award?

  2. What is the maximum amount of effective tax relief, which a person subject to the claw back of tax credits, can obtain if they make a gross personal pension contribution during 2015-16?

  3. In what situation can the effective marginal tax rate on additional income be more than 100% as a result of a self-employed person having to register for VAT?

  4. If a person submits their self-assessment tax return for 2015-16 on 15 September 2016, by what date must a gift aid donation be paid if it is to be effective for that year?

  5. Which one of the following statements is true?

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