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25 July 2010

I work part-time. When the tax code changes next year I'm thinking of cutting my hours so I earn under £7500. Is this a good idea so I don't pay tax?

I earn approx £9000 at the moment and have about £20000 of savings. I have used my ISA entitlement for this tax year and will top up after April next year. My husband is due to retire from the Police force next year and will receive a lump sum of approx £121000 of which we will invest £100000. He is planning on working part time to make up his pension to the present level of his salary or maybe more. Is it worth me cutting my hours to avoid paying tax on my wages and any taxable investments in my name?

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