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Child benefit income tax – Income Tax Computation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Child benefit income tax – Income Tax Computation

  • This topic has 2 replies, 2 voices, and was last updated 4 years ago by shanjamal.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • October 25, 2020 at 12:47 pm #593086
    shanjamal
    Participant
    • Topics: 1
    • Replies: 1
    • ☆

    Hi,

    Apologies if this has already been answered – I’ve tried to look through a few pages.

    How is the Child Benefit added to the Income Tax computation? In the lecture example of Illustration 1 where ANI = 54,000 and the Child Benefit = £1,056.

    Where is the £422 added to? Does it relate to Non-Savings Income?

    Thanks,

    Shan

    October 26, 2020 at 6:18 pm #593189
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Hi Shan
    Look again at the note – it is a child benefit INCOME TAX CHARGE and the last line of the note states that the income tax charge is added in deriving the income tax liability of the taxpayer.
    The figure computed is NOT treated as income, it is a part of the tax calculation after having computed the basic, higher and if relevant additional rate tax figures.

    October 31, 2020 at 4:58 pm #593677
    shanjamal
    Participant
    • Topics: 1
    • Replies: 1
    • ☆

    Thanks for confirming!

  • Author
    Posts
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