4. UK Taxation 2 Flashcards
1
Q
Capital Gains Calculations
A
- Amount of CGT
- Deduct exemption
- Deduct losses
- Remains is taxable
- Add gain to income total
- Apply tax at appropriate rate
2
Q
Private residence relief
A
Selling their main or only home
3
Q
Entrepreneurs relief
A
10% applied on lifetime of £1M
5 per cent of ownership, profits and assets
4
Q
Roll-Over relief
A
- Disposed and replaced assets
- replace with in a year
- claimed up to the lower of either gain or the amount reinvested
5
Q
Hold-Over relief
A
Deferred until the disposal
6
Q
Nil rate Band
A
Amount Liable to tax but the rate applies to 0%
7
Q
P.E.T and Taper relief
A
Potentially exempt transfer
1-3 - 100% 3-4 - 80% 4-5 - 60% 5-6 - 40% 6-7 - 20% 7+ - 0%
8
Q
Chargeable lifetime transfer
A
Given to companies ,organisations and trusts
20% immediately due
9
Q
Value Added Tax (VAT)
A
Tax added onto services and products
10
Q
Stamp Duty Reserve Tax
A
Tax payable on paper documents
11
Q
Corporation Tax
A
Paid by Limited companies
12
Q
Withholding Tax
A
income levied at sources before income
