Basic taxation

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3. Income tax - first principles

You can earn up to the following amounts in the 2008-2009 tax year without having to pay income tax:

Notes: There is an additional allowance for married couples, where either spouse was born before 5 April 1935, but tax relief only applies at the rate of 10%. The so called "age allowance" for the over 65s is reduced by £1 for every £2 of income above the limit until the basic allowance of £6,035 is reached.

The tax rates for earnings above the allowance

1. Your tax breaks courtesy of the government 2. Keep it legal 3. Income tax - first principles 4. Income tax - keeping it in the family 5. Capital gains tax (CGT) 6. How to avoid CGT on your share portfolio 7. Inheritance tax (IHT) planning 8. The most popular tax efficient investments 9. The tax treatment of collective funds 10. Tax efficient but may be very risky 11. Self assessment - who needs it? 12. Self assessment - key dates 13. Do you need an adviser? 14. Conclusion