Your friend is a higher rate taxpayer and has a large amount in a savings account which is earning 3% interest. He is worried that he will exceed the £500 of interest that he can earn free of tax as a higher rate taxpayer. Work out for him how much he would need to have in his savings account for a year before he exceeded the £500 limit.

Your friend is a higher rate taxpayer and has a large amount in a savings account which is earning 3% interest. He is worried that he will exceed the £500 of interest that he can earn free of tax as a higher rate taxpayer. Work out for him how much he would need to have in his savings account for a year before he exceeded the £500 limit.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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