PART 1: Income Tax and National Insurance
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Damon is a member of a defined benefit registered pension scheme. On retirement, he will
receive an annual pension equal to 1160th of final salary for each year of pensionable service. He
will also receive a lump sum equal to 3/80ths of final salary for each year of pensionable service.
At the start of tax year 2022-23, Damon’s annual salary was £360,000 and he had
accumulated 20 years of pensionable service. By the end of the year his salary had risen to
£390,000. He is not a Scottish taxpayer.
Damon’s marginal rate of income tax for 2022-23 is 45% and he has no unused annual
allowance brought forward from previous years. His “adjusted income” for the year is £427,500
and his “threshold income” exceeds £200,000. Calculate the annual allowance charge payable for
2022-23. (Ignore inflation).
Edna’s total pension input amounts for tax years 2019-20 to 2022-23 are as follows: LECTURE
She has no unused annual allowance to bring forward from previous years. Her taxable income
for 2022-23 (after deduction of the personal allowance) is £87,500 and she is not a “high-income
individual” in any year. The standard annual allowance (before tapering) is £40,000 in all years
concerned.
Calculate the annual allowance charge for 2022-23 and the amount of any unused annual
allowance carried forward to 2023-24.
Irma is self-employed. Her trading income for 2022-23 is £69,950 and during the year she makes
net contributions to a registered pension scheme of £6,000. Her only other income in 2022-23
consists of property income of £7,400.
Assuming that Irma is not a Scottish taxpayer, calculate her income tax liability for the
year. How would the liability differ for a Scottish taxpayer?
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Exercices_14.6&14.7
Exercises_16.4&16.5
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