Taxation
Ms. Emily is working as an internal auditor in London Bank since January 2010. She is earning a monthly salary of £4,500 without any additional non-monitory benefits. She makes a contribution of £2,000 towards registered occupational pension scheme. Income tax liability of £8,030 towards her employment income is deducted at source through PAYE (Pay As You Earn) system.
She put her last five years savings in a buildings society scheme to purchase an apartment in London. For theses deposits, she receives an annual interest of £8,000. She also receives £4,500 towards interest on Government Stocks (Gilts). She made a Gift Aid Donations (gross) of £9,000 during the tax year 2018/19.
You are required to compute Ms. Emily’s taxable income, tax liability and tax payable for the year 2018/19 as per UK Tax Laws.
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