ACCA - F6 - Taxation FA 2010: Study Text by BPP Learning Media Ltd

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Com 33 Employment income Topic list Syllabus reference 1 Employment and self employment B2(a) 2 Basis of assessment for employment income B2(c) B2(b) 3 Allowable deductions B2(c) B2(d) 4 Statutory mileage allowances B2(c) B2(e) 5 Charitable donations under the payroll deduction scheme B2(c) B2(k) Introduction In the previous chapter we saw how to construct the income tax computation. Now we start to look in greater detail at the different types of income that people may receive so that the income can be slotted into the computation.

Compute Margaretta’s income tax liability for 2010/11. com 29 Answer Non-savings income £ 110,000 (4,600) 105,400 Salary/Net income Less: personal allowance (W) Taxable income Income tax Basic rate band Basic rate band (extended) Higher rate band Working Net income Less: gift aid donation £5,000 × 100/80 Adjusted net income Less: income limit Excess £ 37,400 × 20% 6,250 × 20% 61,750 × 40% 105,400 £ 7,480 1,250 24,700 33,430 £ 110,000 (6,250) 103,750 (100,000) 3,750 Personal allowance Less half excess £3,750 × ½ 6,475 (1,875) 4,600 9 Jointly held property FAST FORWARD Income on property held jointly by married couples and members of a civil partnership is treated as if it were shared equally unless the couple make a joint declaration of the actual shares of ownership.

The age allowance is reduced by £1 for every £2 that adjusted net income exceeds £22,900 but is generally not reduced below the amount of the personal allowance. • Work out income tax on the taxable income. Deduct the tax credit on dividend income and any income tax suffered at source to arrive at tax payable. The tax credit on dividend income cannot be repaid if it exceeds the tax liability calculated so far. Other tax suffered at source can be repaid. • Extend the basic rate band by the gross amount of any gift aid payment to give tax relief at the higher and additional rates.

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