3. UK Taxation 1

Question 1

Tax residence

Answer 1

183 days in a tax year

Question 2

Domicile

Answer 2

A country that an individual sees as their home country

Question 3

Capital Gains Tax

Answer 3

Tax paid on assets when disposed

Question 4

Personal Tax allowance

Answer 4

£12,500

£1 for every £2 over £100,000

Question 5

Marriage allowance

Answer 5

10 per cent

Transferable to partner

Question 6

Married Couples allowance

Answer 6

Born before 1935

£3,510 - £9,075

Question 7

Blind person tax allowance

Answer 7

£2,500

Transferable to partner

Question 8

Personal savings allowance

Answer 8

Basic : £1000
High :£500
Additional :£0

Question 9

Dividend allowance

Answer 9

£2,000

Question 10

Allowance for property trading income

Answer 10

£1000

Question 11

3x Allowable tax deductions

Answer 11

• Pensions
• Charity
• Expenses e.g uniform, car

Question 12

Tax bands

Answer 12

basic - 20%. - 0-37,500
High - 40%. - 37,501 -150,000
Addit - 45%. - 150,000

Question 13

NI Classes

Answer 13

Class 1- 12% on earnings 21+
Class 2- Flate rate contributions
Class 3- Voluntary contributions
Class 4- Additional contributions