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Pensions

This topic has 1 reply, 2 voices, and was last updated 7 years ago by Tax Tutor.

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November 29, 2015 at 10:07 pm #286233
latoyaC
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Frank was born 9 June 1970.For the tax year 2014/15 he has a trading profit of £210000,and made gross personal pension contribution of £60000.He does not have any brought forward unused annual allowances.
What is his income tax liability for 2014/15?
Kindly assist with the working for this question please.
An annual allowance of £20000 was added to the £210000.Please explain?
November 30, 2015 at 2:40 pm #286441
Tax Tutor
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This is the annual allowance charge of 20,000 that has been added to the 210,000 as 60,000 is 20,000 more than the AA limit of 40,000, please see OT notes Chapter 10 Pension schemes page 71
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