F6-chapter 5.pdf

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F6-chapter 5

Chapter 5 Pensions Personal pension schemes (PPS) Anyone can contribute to a personal pension scheme, even if they do not have earnings. Method of giving relief 1. All personal pension contributions are made net of basic rate tax of 20% 2. Higher-rate taxpayers obtain the additional tax relief by having their basic-rate tax band extended by the gross amount of PPC. Personal Pensions for Self-employed Different situations ? An individual can contribute any amount into a personal pension scheme, regardless of earnings. Tax relief, however, is only available on gross contributions up to the amount of earnings for the relevant tax year. ? Earnings here refer to trading profit, employment income and Income from furnished holiday lettings. ? Where a person does not have any earnings for a particular tax year, tax relief is available on gross contributions of up to ?3,600. Personal Pensions for Self-employed E.g. 某个体户2014/15 Trading Profit = £5,000, 如果他想交 £7,000 Gross Personal Pension Contribution, 他自掏腰包实 际交多少? E.g. 假定某个失业人员(does not have any earnings)想交 £5,000 Gross Personal Pension Contribution, 求: 1)他自掏腰包实际交多少? 2)他的Basic Rate Band 延长多少? Example 1 John earned £132,500 in 2014/15. He made a net personal pension contribution of £20,000. Required Calculate John's income tax liability for 2014/15. Earnings 132,500 Less: PA (W1) (6,250) Taxable income 126,250 Extend BR & HR bands by gross pension contribution BR band 31,865 + 25,000 = 56,865 HR band 150,000 + 25,000 = 175,000 Income tax: 56,865 x 20% 11,373 69,385 x 40% 27,754 126,250 Income tax liability 39,127 (W1) £ Net income 132,500 Less: pension contribution 20,000 x100/80 (25,000) Adjusted net income 107,500 Less: limit (100,000) Restriction 7,500 Personal allowance 10,000 Less: ? x 7,500 (3,750) 6,250 Occupational pension schemes ? Employers set up OPS for their employees and contribute to OPS. ? Employee may also self contribut

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