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PENSION

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › PENSION

  • 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
  • November 2, 2021 at 6:34 pm #639798
    shaunak22
    Participant
    • Topics: 218
    • Replies: 41
    • ☆☆☆

    Rosie has recently been promoted to managing director at Hornburg plc. During the tax year
    2020/21 Rosie was paid gross director’s remuneration of £260,000 and she received dividend
    income of £500,000. She had income of £130,000 in 2017/18, 2018/19 and 2019/20. She has
    made the following gross personal pension contributions:

    Tax year Pension contribution

    2017/18 Nil
    2018/19 26,000
    2019/20 Nil

    Rosie was a member of a pension scheme for the tax year 2019/20 but not in the tax year
    2017/18. Since 2018/19 Hornburg plc has made an employer’s contribution of £10,000 per annum.

    What is the total amount of pension scheme annual allowances that Rosie has available
    for the tax year 2020/21?

    ANSWER= 48000(4000 IN 20/21 TAPERING+40000 IN 19/20 +4000 IN 18/19(36000-40000)

    DOUBTS – Since 2018/19 Hornburg plc has made an employer’s contribution of £10,000 per annum.SO CONTRIBUTION IN 18/19 INCREASE BY 10000 , SO THE CONRIBUTON IN 19/20 SHOULD ALSO BE INCREASE BY 10000 LEAVING WITH BALANCE ALLOWANCE OF 30000 RIGHT? MAKING THE ANSWER 38000?

    November 3, 2021 at 11:54 am #639836
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    If there was an employers contribution of 10,000 in 2019/20 then there would be only 30,000 unused AA to c/f

    November 3, 2021 at 7:29 pm #639873
    shaunak22
    Participant
    • Topics: 218
    • Replies: 41
    • ☆☆☆

    right but Since 2018/19 Hornburg plc has made an employer’s contribution of £10,000 per annum .they have used the word SINCE 18/19 that means employer must hve contributed 10000 in 19/20 right?

    November 8, 2021 at 12:39 pm #640221
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    If the question states as you have described – since rather than in – then you are correct.
    Where did the question come from?

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