On 1 January 2024 Iva gave £5,000 to charity under the Gift Aid scheme. His only income is an annual salary of £59,000. Identify the correct treatment of the gift. The gift reduces Iva’s income tax liability by: A £1,000 B £1,250 C £6,250 Tax relief is obtained by: d extending the basic rate band e making a deduction from employment f making deduction from total income

On 1 January 2024 Iva gave £5,000 to charity under the Gift Aid scheme. His only income is an annual salary of £59,000. Identify the correct treatment of the gift. The gift reduces Iva’s income tax liability by: A £1,000 B £1,250 C £6,250 Tax relief is obtained by: d extending the basic rate band e making a deduction from employment f making deduction from total income

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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