In the income tax payable calculation, which of the following is NOT included in the tax reducers?

In the context of income tax calculations, tax reducers are specific deductions or reliefs that can decrease an individual’s taxable income or the amount of tax owed.

The marriage allowance allows individuals to transfer a portion of their personal tax allowance to their spouse, effectively reducing the tax liability for the recipient. This is a recognized tax reducer. Similarly, BR relief on residential property loan interest pertains to relief on interest paid on loans, which also functions as a tax reducer by lowering taxable income.

EIS (Enterprise Investment Scheme), SEIS (Seed Enterprise Investment Scheme), and VCT (Venture Capital Trust) relief are all investment-related tax incentives aimed at encouraging investment in certain types of companies. They similarly act as tax reducers by providing relief that reduces the amount of tax payable.

In contrast, the repayment of prior year’s taxes does not fit the definition of a tax reducer. This repayment typically refers to a situation where an individual has overpaid tax in the previous year and is receiving that amount back in the current tax period. While it can affect overall cash flow, it does not directly reduce the current year's taxable income or tax liability. Therefore, it is not classified as a tax reducer in the income tax payable calculation.