Hi,
This should be a simple question but I can't see to find the answer anywhere.
If an employee was to earn at the 40% tax rate but a bonus was payable before the end of the tax year that sent him/her over the limit for the loss of the tax allowance, would the additional tax be payable on receipt of the bonus payment or over the next tax year? e.g. Employee A earns £80,000 annually but was given a £40,000 bonus on April 1, 2013.
Many thanks,
Bern
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