maf at chilwell.net
Wed Feb 9 05:27:42 EST 2005
On Wednesday 09 Feb 2005 10:13, Tom Haskins-Vaughan wrote:
> I have a pension fund that I pay into. I pay 78.00 but get tax relief at
> basic rate (22%) so actually 100.00 is deposited into my pension fund.
> My question is: is this tax relief an expense or an income?
> i.e. Expenses:Tax:Income Tax -22.00
> or Income:Tax Relief 22.00
> Cheers for any help.
I've always thought of it as a "negative expense" - you incur some expense
(which may become a liability) of tax, and then the government gives you some
In my mind, it is no different to e.g. buying a shirt and finding that it
doesn't fit properly when you get home, so you take it back and get a refund.
that is "negative expense", not income.
But then again, IANAA!
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