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Example 14
Thomas earned £160,000 trading profit in 2022/23 In the tax year he paid £6,400 to charity under the
gift aid scheme.
Calculate Thomas’s income tax liability for 2022/23.
Example 15
Kerry made a trading profit of £98,000 in 2022/23. In addition, she received bank interest of £4,000
and dividend income of £6,000. She paid interest of £3,000 on a loan to
contribute capital into a
partnership of which she is a partner. She made a payment of £4,800 to charity under the gift aid
scheme.
Calculate Kerry’s income tax liability for 2022/23.
7. Jointly owned assets of a married couple, or by a couple in a
civil partnership
Spouses and civil partners are taxed as two separate people. Each spouse/civil
partner has their
own Income Tax Computation and includes within it their own taxable income.
Joint property
When spouses/civil partners own income
generating assets jointly, it is assumed that they are
entitled to equal shares of the income and it is split accordingly on a 50:50 basis between them.
However they may make a joint election to HMRC to split the income
according to their actual
ownership proportions, (except in the case of jointly held bank or building society accounts).
The rules allow couples to rearrange joint income between them to
better use their personal
allowances and lower tax rates thereby reducing their overall tax liabilities.
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