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does the 100,000 pound rule( if a person’s income exceeds 100,000 pounds reduce the personal allowance by 1 pound for every 2 pounds that the income exceeds 100,000) apply to both personal and age allowances?
yes, it does.
Just u need to be aware of the following.
Age allowance is reduced by the same scheme once person’s adjusted net income reaches 22.900 , it will be reduced down to min of standard PA : 6475.However this figure will be reduced further if income will be over 100.000
I recommend u you study the following ACCA article. It will be very helpful for your exam.
https://www2.accaglobal.com/pubs/students/publications/student_accountant/archive/sa_sept10_FA2010.pdfand to benefit from free OT study materials as well.
good luck!
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