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Kaplan Question no-129

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Kaplan Question no-129

  • This topic has 3 replies, 2 voices, and was last updated 1 year ago by Tax Tutor.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • January 28, 2022 at 8:14 am #647592
    krishita.17
    Member
    • Topics: 3
    • Replies: 1
    • ☆

    The only pension contributions which Jack has made previously are a gross amount of £500
    per month which he saves into a personal pension scheme. Jack has continued to make these
    contributions throughout the tax year 2020/21. Although Jack has been saving into this
    scheme for the previous 15 years, he is concerned that he is not saving enough for his
    retirement. Jack therefore wants to make the maximum possible amount of additional gross
    personal pension contribution for the tax year 2020/21, but only to the extent that the
    contribution will attract tax relief at the higher rate of income tax.
    Jack isself?employed. Histrading profit is £100,000 for the tax year 2020/21 and the previous
    five tax years. He does not have any other income and expects to make the same level of
    profit in future years.

    Advise Jack of the amount of additional gross personal pension contribution
    he can make for the tax year 2020/21 which will benefit from tax relief at the
    higher rate of income tax, and explain why this is a tax efficient approach to
    pension saving.

    January 29, 2022 at 1:24 pm #647689
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    What part of the answer to this question do you not understand as I do not have access to to the Kaplan kit

    February 3, 2022 at 7:18 am #648023
    krishita.17
    Member
    • Topics: 3
    • Replies: 1
    • ☆

    Hello,

    Advise Jack of the amount of additional gross personal pension contribution
    he can make for the tax year 2020/21 which will benefit from tax relief at the
    higher rate of income tax, and explain why this is a tax efficient approach to
    pension saving.

    I want solution to this part of the question.

    February 3, 2022 at 9:51 am #648036
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    The answers are already provided by Kaplan

  • Author
    Posts
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