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Taxation
Week 5 Part 3
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Ellie Williams
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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
+
dividends
+
savings
)
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)