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Income Tax Format

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Income Tax Format

  • This topic has 1 reply, 2 voices, and was last updated 9 years ago by Tax Tutor.
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  • August 3, 2015 at 5:43 pm #265225
    fazeel93
    Member
    • Topics: 71
    • Replies: 49
    • ☆☆

    Wanted to know from where Qualifying loam interest, losses are subtracted from Non Saving, Saving or Dividend or total and secondly to calculate Tax Liability from where PAYE, Interest and dividend subtracted?

    August 9, 2015 at 5:15 am #266303
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Same rule as for the deduction of the PA, firstly from non savings, then savings and finally if relevant from dividend income as well of course as deducting in your total column.
    When deducting tax credits from tax liability to derive tax payable you should always firstly deduct the dividend tax credit as this does not create a tax repayment. The other deductions may then be made in any order

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