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Hello Jill. Thanks for the lectures.
In Illustration 2 in Chapter 10 of the notes, the adjusted net income was calculated for both the purposes of the Annual Allowance and Personal Allowance. My current understanding is that the calculation for the 2 purposes are different as the former gives £350,000 while the latter gives £280,000.
Is this understanding correct?
I’m not sure I understand your question if I’m honest.
In the illustration Juliet is entitled to an annual allowance of £40,000 but becasue the adjusted income – ie £286,000 exceeds £240,000 we have to adjust the AA accordingly as per the instructions/calculations.I’m not sure where £350k comes in?
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