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There is a question from past exam papers (TX UK Mar Jun 21 sample) number 1 from section C about Paul who is a managing director and 100% shareholder in the company and he is deciding whether to cease trading and start his own business. I do not understand why the examiner in the solution of the question when calculation income tax payable does not apply personal allowance. Could you please help me with this question?
This is actually a basic issue covered in Chapter 2 of the Study Notes and Lectures, which if you are now attempting past exam questions you should already know – have you used the notes and lectures in your exam preparation?
Look at the level of income of the taxpayer and you will have your answer!