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personal tax practice CBA Help

ms sadatms sadat Feels At HomeRegistered Posts: 39
in AAT Level 4 (Level 8 in Scotland)
hi guys
in 2010 CBA practice i couldnt figure out the task 1.9 .can anybody help as i have the retake exam on friday.!

Comments

  • deborahcarpenterdeborahcarpenter Well-Known Registered Posts: 161
    Hi
    The way i read it is as follows
    If his salary was £1500 he would be below the personal allowance threshold of (6475) so would pay 10% tax on his sacings interest
    If his salary was 10000 he would be above the allowance but below the higher tax rate threshold (37400) so would pay 20% tax on his interest
    I cant remember what the last salary figure was but it is above the £37400 tax bracket so he woul pay 40% tax on his interest.
    You just need to put the figures in the boxes for the relevant tax amount on his savings
    I hope i have explained this clearly enough for you?
    Deborah
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