Week 5 Part 3

Cards (3)

  • Personal allowance is £12,570 in 2023-24​
    And ​
    You start loosing it if you earn above £100,000​
    But​
    Not if you gave to charity or paid into your private pension​
    As you need to calculate the adjusted net Income first​
  • Adjusted net income is:​
    All income (salary + b-i-k + income from trade + income from property + dividendssavings)​
    less​
    • Grossed-up amount of any gift aid​
    • Grossed-up amount of any pension contribution relieved at source​
  • Adjusted net income calculation​
    It is a taxpayer’s net income less grossed up amount of any gift aid and personal pension (relieved at source)​