Personal Tax.....just can't work it out!!!!

faze82
faze82 Registered Posts: 11 Regular contributor ⭐ ? ⭐
Hello Everyone,

I wonder if anyone can help with the below question. It's practice test 2 ptx FA2011. I just can't work it out:mad2:

Ted received £3000 gross from his building society in interest for 2011/2012
Calculate the income tax payable on this interest for 2011/12, assuming that Ted's employment income, net of personal allowances, is as shown.


Employment income net of personal allowances £ Tax Payable on Interest £
Nil (assume all his personal allowances has been used)
1500
10000
35000


Anyone that knows the answer please respond. I would appreciate it as I'm sitting this exam soon.

Many Thanks

Comments

  • Jo Clark
    Jo Clark Registered Posts: 2,525
    Are you sitting the exam under FA2011 as I thought only FA2012 was examinable at the moment?
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Jo Clark
    Jo Clark Registered Posts: 2,525
    Are you using the correct tax rates?
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Nps
    Nps Registered Posts: 782
    I answered this same question for someone else a couple of days ago - have a look at my very recent threads and you'll find the answer and explanation.
  • faze82
    faze82 Registered Posts: 11 Regular contributor ⭐ ? ⭐
    I will be sitting the exam under FA2012 but I was practicing the pass papers and just came across with this task which I can't work out.
  • Nps
    Nps Registered Posts: 782
    Actually, it looks like the same question but tweaked for the new tax year. The rest is the same though so should help you with your query. It's still Ted and his interest!

    As Jo says, it looks like you're using an old question, so the one in the thread will actually be more useful to you.

    http://forums.aat.org.uk/showthread.php?37739-Personal-Tax-FA-2012-Help&p=269470#post269470
  • faze82
    faze82 Registered Posts: 11 Regular contributor ⭐ ? ⭐
    NPS thank you very much it all makes sense now... greatly appreciate your help
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