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Section B - Case 1: Quantum Aquatics
Zara and Felix run 'Quantum Aquatics', a partnership specializing in hydro-electric turbine maintenance. They share profits in the ratio 3:2. The partnership has always prepared accounts to 31 December. On 30 September 2023, Felix retired, and Zara continued as a sole trader. The partnership's tax adjusted trading profit for the 9-month period to 30 September 2023 was £90,000.
What is the basis period for Felix's final tax year (2023/24)?
ACCA · Question 17 · Income tax and national insurance contributions
Section B - Case 1: Quantum Aquatics
Zara and Felix run 'Quantum Aquatics', a partnership specializing in hydro-electric turbine maintenance. They share profits in the ratio 3:2. The partnership has always prepared accounts to 31 December. On 30 September 2023, Felix retired, and Zara continued as a sole trader. The partnership's tax adjusted trading profit for the 9-month period to 30 September 2023 was £90,000.
During the 9-month period to 30 September 2023, the partnership purchased specialized underwater welding gear for £1,200,000.
What is the maximum Annual Investment Allowance (AIA) the partnership can claim for this 9-month period?
Section B - Case 1: Quantum Aquatics
Zara and Felix run 'Quantum Aquatics', a partnership specializing in hydro-electric turbine maintenance. They share profits in the ratio 3:2. The partnership has always prepared accounts to 31 December. On 30 September 2023, Felix retired, and Zara continued as a sole trader. The partnership's tax adjusted trading profit for the 9-month period to 30 September 2023 was £90,000.
During the 9-month period to 30 September 2023, the partnership purchased specialized underwater welding gear for £1,200,000.
What is the maximum Annual Investment Allowance (AIA) the partnership can claim for this 9-month period?
Answer options:
£1,000,000
£750,000
£1,200,000
£0
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