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pention contributions

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › pention contributions

  • This topic has 1 reply, 2 voices, and was last updated 11 years ago by AvatarTax Tutor.
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  • Author
    Posts
  • February 28, 2015 at 6:22 pm #230807
    Avataradiba
    Member
    • Topics: 3
    • Replies: 5
    • ☆

    EXAMPLE 11
    Monica and Nicola have made the following gross personal pension contributions during the tax years 2011–12, 2012–13 and 2013–14:

    Monika Nicola
    £ £
    2011–12 Nil 56,000
    2012–13 42,000 29,000
    2013–14 38,000 Nil
    Monica was not a member of a pension scheme for the tax year 2011–12. Nicola was a member of a pension scheme for all three tax years.

    Nicola
    Nicola has unused allowances of £21,000 (50,000 – 29,000) from 2012–13 and £50,000 from 2013–14, so with the annual allowance of £40,000 for 2014–15 a total of £111,000 (40,000 + 21,000 + 50,000) is available for 2014–15. The annual allowance for 2011–12 is fully utilised, but Nicola was a member of a pension scheme for 2013–14 so the annual allowance for that year is available in full.

    sir
    my problem is
    from where does this 50000 pound come?they said that Nicola was a member of a pension scheme for 2013–14 so the annual allowance for that year is available in full.but we also added 40000 pound for current year so why should we add annual allowance of 13/14 tax year?please explain

    March 1, 2015 at 3:44 am #230835
    AvatarTax Tutor
    Member
    • Topics: 2
    • Replies: 3960
    • ☆☆☆☆☆

    See previous reply to same question.

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