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Hi,
I think I just found error in above question. Phillip’s higher personal allowance is reduced because his income is higher than 26100(it’s ok), but IMO PERSONAL AGE ALLOWANCE cannot be reduced to level lower than 9440 right? in question answer personal allowance is 8840, i think its wrong, what do you think guys?
Hi bik 123 I regret i do not have a copy of the Kaplan kit with me but from what you say please check if Philip’s Adjusted Net Income does not simply exceed 26,100 but also exceeds 100,000 in which case the standard personal allowance will then be reduced.
Tax adjusted income in the question is 29,740. So PA of 9440 should be used? cannot reduce to 8840?
If you are looking at the 2014 edition then on the numbers you have stated the PA cannot indeed be reduced below the standard PA of 9440 for the 2013/14 tax year!
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It was a mistake ! p.a cannot be reduced below 9440
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