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Plan your money 2019

2019 is set to be a year of changes for finances, with everything from council tax, state pension payments and inheritance tax set to change. Find out about the changes below and how your finances could be affected.

Ministers considering over 40’s tax

Ministers in the United Kingdom are considering new ways to fund the increasing cost of social care. 

One of the suggested methods has been successfully used in Germany for nearly two decades and involves placing a 2.5% levy onto the income and earnings of those aged over 40.

CGT planning for married couples

This article is also relevant to couples who have entered into a civil partnership.

For the tax year 2018-19, taxpayers can make tax-free capital gains of up to £11,700.

This allowance is available on a per person basis and so married couples (and those in a civil partnership) have a combined CGT allowance of £23,400.

Is the top rate of Income Tax 45%?

Named the additional rate, the highest rate of Income Tax is 45%, and some might say 45% is high enough.

However, if the rate of tax is measured as the relationship between income and tax plus tax related penalties paid, there are times when this 45% can rise, to as much as 90%.
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