你所在的位置 > 首页 > ACCA > 备考经验

12月考试ACCA F6知识点之Pension Schemes

来源:中博 | 更新:2016/11/21 0:00:00 | 关键词:ACCA F6

摘要:2016年12月ACCA考试就要到了,中博诚通小编给大家总结了ACCA F6知识点之Pension Schemes,希望对你备考有所帮助。

1.Types of pension

The two main types of registered pension schemes available are occupational pension schemes and personal pension schemes.

If self-employed or unemployed, the individual can only set up a personal pension scheme. If employed, the individual may join an occupational pension scheme or set up a personal pension scheme or contribute into both.

The individual can get tax relief through contribution to pension schemes.

2、 Tax reliefs of two types of pension schemes

2.1 Occupational pension scheme

Directly deducted from the employment income before calculating the total income.

So the employment income can be calculated as follow:

Total employment incomes = Salary + Bonus + Taxable benefits - Allowable expenditures - occupational pension contributions

2.2 Personal pension scheme

An individual makes contribution net of 20% of income tax.(Gross personal pension contribution = net amount/80%.)

If the individual is a “higher rate” and “additional rate” taxpayer, the additional tax relief can be given by extending the donor’s basic rate band and the higher rate band by the gross amount of contribution (net amount/80%) in calculating the income tax liabilities.

It is the same as calculating the tax relief for Gift Aid Donation.

2.2.1 Limit to tax reliefs for personal pension contributions

The tax relief is only available for up to a maximum annual amount (MAA) each tax year.

The steps for calculating the tax relief limit to personal pension scheme is:

Step 1: Calculating the relevant earnings = trading income + employment income + furnished holiday letting income

Step 2: MAA is the higher of the relevant earnings and £3,600.

Step 3: The tax relief is the lower of MAA and the gross personal pension contribution.

Example 1:

The following individuals made gross pension contributions into a personal pension scheme in 2015/16.

11215.jpg

Explain how tax relief for the pension contributions will be given                 in 2015/16 for each individual and calculating the income tax liabilities of Andy and Ed.                    

Solution:

Andy

1.As Andy has no relevant earnings he will obtain tax relief on a maximum gross amount of £3,600.

2.He will obtain basic rate tax relief at source of £720 (£3600*20%) and pay £4,280 (£5,000 – £720) to the personal scheme.

Ed

The tax relief available on Ed’s pension contribution is restricted to 100% of his earnings (i.e. £48,000).

He will obtain basic rate tax relief at source of £9,600 (£48,000 * 20%) and pay £50,400 (£60,000 - £9,600) to the scheme.

Higher rate tax relief will be given by extending the basic rate band by £48,000 from £31,785 to £79,785.

11216.jpg

2.2.2 Annual allowance

There is no limit on the amount that may be paid into pension schemes by an individual, his employer or any other party.

However, as we have seen, tax relief for pension contributions made by an individual is restricted to the maximum annual amount.

In addition, if the total of all contribution on which tax relief has been obtained (by the individual, their employer and third parties) exceeds the annual allowance (AA), a tax charge is levied by the marginal tax rate on the individual.

The AA for 2015/16 is 40,000, but this can be increased by bringing forward any unused AA from the previous three tax year.

An unused AA can only be carried forward if the individual was a member of a registered pension scheme for that tax year, otherwise it is lost.

The AA for the current year is used first, then the AA from earlier years, starting with the earliest tax year (i.e. on the FIFO basic).

Example 2:

Julie has been a self-employed interior designer for a number of years. In the year to 31 March 2015 she has made tax adjusted trading profits of £296,000. Julie made a gross pension contribution of £90,000 into her personal pension scheme in 2015/16.

Explain how tax relief will be obtain for the pension contribution made by Julie and calculate her income tax liabilities.

Solution:

Julie can obtain tax relief for a pension contribution up a maximum of 100% of her earnings (i.e. £296,000 in 2015/16). She will therefore obtain relief on the gross contribution of £90,000.

Julie will have paid then pension contribution net of basic rate tax of £18,000 (90,000*20%) and paid £72,000 (90,000-18,000) into the pension scheme.

Higher rate relief is obtained by extending the basic rate band by £90,000 from £31,785 to £121,785. Additional rate relief is obtained by extending the higher rate band by £90,000 from £150,000 to £240,000.

However Julie’s gross contribution of £90,000 have exceeded the AA of £40,000. So she will be taxed on an additional £50,000 (90,000-40,000) at her highest marginal rates of tax as though the AA was taxed after all of her income.

Julie’s income tax computation for 2015/16 will be:

11217.jpg

Note: Julie’s ANI clearly exceeds £121,200 therefore her PA reduced to nil.      

2.2.3 Lifetime allowance

The lifetime allowance is 1,250,000 for 2015/16.

If the total pension fund, which is built by the taxpayer, has exceeded the lifetime allowance, there will be an additional tax charge when that person subsequently withdraws the fund in the form of a pension.

本文经中博诚通编辑整理,中博诚通原创发布,未经授权,不得转载。选择中博财萃ACCA,303名独家精英讲师,教龄最高为12年,平均教龄为7.6年为你的学习保驾护航。ACCA官方授权10项ACCA黄金级培训机构,培训人次50,000+人次,累计授课时长1,120,000小时,这么多小伙伴选择中博ACCA,成绩斐然,你的ACCA学习并不孤单,全国咨询电话:400-626-1716

上一篇: 12月考前冲刺|ACCA F4 合同法对价规则
下一篇: ACCA考官亲授12月考试通过诀窍

618年中狂欢-优惠低至6折!点击参与活动!