Hi,
I want to ask one question regarding Income tax computation.
In the Practice & Revision Kit, exercise number 119 says:
“During the 22/23 tax year, Petula paid interest of 140 GBP on a personal loan taken out on 6 April 2022 to purchase a computer for sole use in her employment with Downtown plc.”
Why is 140GBP deducted from savings income, and not from non-savings income?
Thank you in advance,
Nina
Ask the Tutor ACCA TX-UK
INCOME TAX COMPUTATION
Its taken from neither - it's taken off the total taxable income before personal allowance - see the proforma in Ch 2 page 20
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