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BPP practise kit – Petula

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › BPP practise kit – Petula

  • This topic has 3 replies, 2 voices, and was last updated 12 months ago by Tax Tutor.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • January 29, 2022 at 1:38 am #647663
    Nikitagarwal
    Participant
    • Topics: 153
    • Replies: 146
    • ☆☆☆

    Hi Sir,
    Hope you are well!
    In BPP kit in the above mentioned question I am unabel to understand the Annual allowance calculation performed :
    Ques – Each tax year since 6 April 2013 (including the tax year 2020/21), Downtown plc has
    contributed £25,000 into the company’s HM Revenue & Customs’ registered money
    purchase occupational pension scheme on Petula’s behalf. Petula has never personally
    made any pension contributions. Petula’s adjusted income for 2017/18, 2018/19 and
    2019/20 was below £150,000. CY income is >312,000

    Advise Petula of the total amount of her unused pension annual allowances which are
    available to carry forward to the tax year 2021/22.

    Now I understand that for CY of 2020/21 there will be max of 4,000 and for rest 3 years will be :
    19/20 Brought forward 15000
    18/19 Brought forward 15000
    17/18 Brought forward 15000
    max contribution 45000

    I am not sure what next where I am getting wrong here ?

    January 29, 2022 at 2:57 pm #647693
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    The question as you have written above is asking –
    “Advise Petula of the total amount of her unused pension annual allowances which are available to carry forward to the tax year 2021/22”.
    It is not asking you to calculate the max contributions in 2020/21.
    I presume the answer will then show the calculation of the amount to be c/f to 2021/22

    January 30, 2022 at 1:00 am #647724
    Nikitagarwal
    Participant
    • Topics: 153
    • Replies: 146
    • ☆☆☆

    Yeah and I am not understanding how I am suppose to go ahead from this ?
    can you please advice?

    January 31, 2022 at 11:24 am #647791
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Work out what the total pension allowance available is for 20/21 – how much of that would be used in 20/21 and therefore what was to be c/f to 21/22 – once again I would have thought the BPP answer would show the calculation?

  • Author
    Posts
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