QuestionUK Taxation and AuditingSelf-practice questionYou have a new… UK Taxation and AuditingSelf-practice questionYou have a new client, Renata, who is retired and has lived in London for many years. She has provided you with all the details of her income and investments so that you can prepare her 2021-22 tax return:1) Renata received 62,300 (gross) from her private pension, with PAYE deducted of 16,200. She also received 8,768 from her state pension.2) In October 2021, Renata received a dividend of 3,000 from the tax-exempt property of a UK Real Estate Investment Trust (REIT) in which she has a holding.3) In December 2021, she received an interest distribution of 270 from her holding in a unit trust.4) Her only other sources of income in 2021-22 were UK dividends totalling 27,500 and bank interest totalling 650, of which 50 relates to interest from an ISA.5) On 1 February 2022, Renata subscribed for 4,500 shares in a qualifying Venture Capital Trust (VCT). The shares cost 25,000. 6) On 15 April 2022, Renata subscribed for 2,750 shares in a qualifying Enterprise Investment Scheme (EIS) company. The shares cost 12,000. Since receiving the above information from Renata, she has emailed you with a query on her tax affairs and you called her to discuss this. Whilst on the phone call, she stated that she wants to claim any tax relief as soon as possible. Required: Calculate Renata’s Income Tax payable/repayable for 2021-22, showing your treatment of each item. Briefly explain your treatment of the VCT and EIS investments on 1 February 2022 and 15 April 2022 (ATT 2021)LawSocial ScienceTax law
