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Generally the AIA can be time apportioned as necessary, but there is a comment in the notes “the £1,000,000 limit applies in the TX UK exam regardless of the dates of the 12 month period covered by the exam question.” Does this mean that for the exam, we do not time apportion AIA?
Please assist in explaining, thank you.
The AIA limit of £1m relates to a 12 month accounting period and will always be time apportioned for a short or long period.
The statement simply refers to the fact that the limit has not always been £1m and is actually not £1m now, but for exam purposes we assume the £1m limit applies whatever the date of the accounting period
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