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Hello Sir!
I have found it confusing. How should I deal with pension scheme? Does the pension contribution extend the BBR or HBR if not kindly check the problem 6 on note named Michele.
Thanks!
Many thanks for your question and alerting me to the error in the answer to Practice Question 6 Michael.
The answer should indeed have extended the BRB by the gross amount of the personal pension contributions (10,000), The income tax liability should therefore have been computed as follows:
41,785 x 20% = 8,357
66,615 x 40% = 26,646
IT Liability 35,003
My apologies for not picking this up when updating the notes for this year and again my thanks to you for helping to improve the notes for the benefit of all OT students.
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