Hello,
Please can you assist?
I chapter 10, the first video goes through example 1.
https://opentuition.com/acca/tx/chapter-10-pension-schemes-acca-taxation-tx-uk-lectures/
"Aston made the following gross amount of contributions into his pension scheme in earlier tax years:
2020/21 £62,000
2021/22 £30,000
2022/23 £25,000
Aston has an annual salary of £120,000.
Compute the total pension input allowed for Aston for the 2022/23 tax year"
The answer given is that the annual allowance in 2022/23 is £40k
PLUS only £25k is used in 2022/23, therefore ADD (40k-25k) = £15k
Is this an error or am I misunderstanding the rules? Why is the £40k annual allowance available for the same year seeminly twice?
Many thanks.
Adam
Ask the Tutor ACCA TX-UK
TX lecture, Chapter 10, Example 1
Hi
I have looked at the example again and I can see what you mean.
I think - and apologise - that it may be the years that are wrong in the question.
You are right - and I'm sorry for the confusion.
I have made a note to amend the question going forward.
Ah fantastic. Thank you for the clarification :-)
no worries
Can you confirm what the correct answer should be in this lecture please?
I thought it would be £50k being, £40K plus the unused £10 k from the previous tax year?
I think you're right and the answer has been rewritten for next year - £50k is correct.
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