INCOME TAX COMPUTATION

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February 19, 2024 at 10:43 pm #700696
ninadjurovic1996
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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
February 21, 2024 at 1:49 pm #700800
JillyB
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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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