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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 2 years ago by JillyB.
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  • January 28, 2023 at 5:25 am #677486
    thewdr
    Participant
    • Topics: 3
    • Replies: 4
    • ☆

    Peter’s wife,Catherine, is employed by Peter’s partnership. She is paid an annual salary of £290,000 in thet ax year 2021/22.She pays10% of her salary in to her employer’s occupational pension scheme and her employer(the partnership) pays a further 5% into the same scheme. Catherine also made a gross contribution into a personal pension scheme in the tax year of £10,000. They jointly own a property and has generated £67000 as profits.
    What is Catherine’s Annual Allowance?

    In the solution 290000*10% pension is deducted and Catherine’s and employer’s contribution to occupational pension (10%+5%)×£290,000 is added to the adjusted income. Can you please explain why?

    January 29, 2023 at 10:20 am #677558
    JillyB
    Keymaster
    • Topics: 0
    • Replies: 899
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    Where is this question from? Please show the answer

    February 4, 2023 at 12:08 am #678307
    thewdr
    Participant
    • Topics: 3
    • Replies: 4
    • ☆

    BPP Workbook-Pensions-Activity 4

    Employment Income(290000-10%*290000) 261000
    property Business Income 33500
    Net Income 294500
    Catherine and employers contribution 43500
    to occupational pension scheme
    Adjusted Income 338000

    February 4, 2023 at 1:54 pm #678333
    JillyB
    Keymaster
    • Topics: 0
    • Replies: 899
    • ☆☆☆☆

    Its added to the adjusted income of the partnership as it is a private expense and disallowed for tax purposes

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