Nick Osler provides a checklist of tax-planning issues
for partners.
Income tax rates and thresholds
The personal allowance for individuals born after 5 April 1948
increased by £1,335 to £9,440 from 6 April 2013, with
the upper threshold of the basic-rate band reducing by £2,360
to £32,010.
For 2014/15, the personal allowance for individuals born after 5
April 1948 will increase to £10,000 – this increase has
been brought forward by one year.
As previously announced, the additional rate of income tax has
reduced from 50% to 45% from 6 April 2013 and the dividend
additional rate reduced from 42.5% to 37.5%.
Cap on tax reliefs
As announced in last year's Budget, a cap on certain income
tax reliefs claimed by individuals 'sideways' against
general income took effect from 6 April 2013.
