6. Taxation of Individuals Flashcards
1
Q
What is meant by Domicile
A
A persons domicile is the country that is their permanent home
2
Q
A personal allowance is only available to?
A
Basic rate & high rate tax payers
3
Q
What are capital gains?
A
Profits arising from the disposal of an asset
4
Q
What is the CGT for basic and high rate tax payers
A
Basic rate - 10%
Higher rate - 20%
5
Q
Gains from 2nd property/BTL are taxed at
A
Basic rate - 18%
Higher rate - 28%
6
Q
What is IHT?
A
Tax payable on someone’s estate when they die
7
Q
What is the Nil Rate Band (NRB)
A
Tax relief on IHT which is: £325k
8
Q
What is the Residential Nil Rate Band (RNRB)
A
An extra tax relief on IHT of: £175k
9
Q
What is stamp duty reserve tax (SDRT)
A
Tax charged on the transfer of UK registered shares and is paid by the person buying the shares.
Currently 0.5%
