PTC Dec 2008
Tinkerbell007
Registered Posts: 64 Regular contributor ⭐
Can someone explain the calculation they do on Dec 2008 PTC question 1.5?
I don't get were the starting rate band comes into it? I don't think I've seen this on any of the other past papers?
I know I'm missing something really obvious but my brain has gone to sleep after DFS this morning!!!
I don't get were the starting rate band comes into it? I don't think I've seen this on any of the other past papers?
I know I'm missing something really obvious but my brain has gone to sleep after DFS this morning!!!
0
Comments
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On the first page of the question paper it has all the bands, and the first 2,230 is taxed at 10%, this doesnt exist now so I'd be careful doing past papers on this subject as there are constant changes!0
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Hi Tinkerella this was a Gordon Brown thing where there was the extra rate band of 10% starting tax. I believe it was abolished in 2009 (when there was a furore about the private equity fat cats paying less tax than their cleaners) and hence we don't have to worry about it tomorrow.
I assume it would be on all the old past papers pre 2008 going back to when that band was brought in by the government.
Good luck tomorrow must be honest I can barely keep my eyes open thanks to the DFS exam this morning and the glorious sun shine that is calling me outside!!!0 -
Thanks guys!! Not going to stress about it now!!
I'm so tired after DFS - an evening of revision for PTC is not what I need!!0 -
There is a still 10% starting rate on savings income only though0
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Is that the one that applies to the first £2440 of savings if the person has no non-savings income?0
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that's right if the tax liability calculation starts at savings apply the 10% starting rate ... don't forget to deduct any excess of the personal allowance available first0
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