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f6 ot notes, page 14

Forums › ACCA Forums › ACCA TX Taxation Forums › f6 ot notes, page 14

  • This topic has 1 reply, 2 voices, and was last updated 9 years ago by Christine.
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  • August 2, 2015 at 5:13 pm #264743
    Miss A..
    Member
    • Topics: 32
    • Replies: 41
    • ☆☆

    The taxpayer can elect to treat gift aid payments made by 31 January to have been made in the previous year, ie a payment made
    by 31 January 2016 can be treated as if paid in tax year 2014/15. This would be advantageous if the taxpayer was likely to be a basic
    rate taxpayer in 2015/16 but was a higher rate taxpayer in 2014/15.

    Shouldn’t it be ‘This would be advantageous if the taxpayer is likely to be a higher
    rate taxpayer in 2015/16 but was a basic rate taxpayer in 2014/15’ ????

    Please tell…

    August 2, 2015 at 5:27 pm #264752
    Christine
    Member
    • Topics: 1
    • Replies: 42
    • ☆

    The note is obviously correct!!

    If they were paying higher rate in 2014/15 then they would save tax at higher rates by treating as if it was in 2014/15.

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