Restriction of Personal Allowance – ACCA Taxation (TX-UK) Exam FA2019
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Dear Tutor,
1st of all thank you for the lecture.
Regarding the transferable amount of PA, what if one spouse is a non-tax player but the unused PA is less than £1.250? Will the other spouse/partner be entitled to the full relief when it comes to PA reduction?
Regards
The same question I had in mind while watching
Dear Sir,
First of all, thank for support for ACCA students, i just want to highlight that in your answer for example #10, in calculation of personal allowance, the Adjusted Net Income should be 102,000 not 106,000.
Thanks,
true i also have this worry as my adjusted allowance is 11500. I use 102000 instead of 106000. Please someone tell why we should add the 4000 to the 102000 in this example 10.
Hi!
As i understood: Net income to calculate reduction of PA is total income. Thats why we should take figure from column “Total”
the nil rate band is applicable to savings income or dividend income only therefore does not apply to this example as it only has non-savings income i.e trading income and salary.
I see, thank you!
Hello Sir, I have a question regarding Example 11 – in Non Savings Tax calculation shouldn’t we apply the nil rate band of 1000 as Victoria is a basic tax payer?
Nil rate bands are applicable for savings income
@itsdharshu they also apply to dividend income