Asset Management

Question 1

What are JAHAMAs strategic goals?

Answer 1

To improve our Assets and reduce our liabilities.

Question 2

What is Capital Gains Tax

Answer 2

Tax on profit when you sell or dispose of an asset that’s increased in Value.

Example - if you buy a shed for £5000 and sell for £25,000 you have made a profit of £20,000. You will need to pay 18% tax on the £20,000.

Question 3

What is a land and buildings transaction tax?

Answer 3

LBTT is a tax applied to purchase of land or property and non-residential leases in Scotland. This replaced UK stamp duty in 2015. This comes under the Land and Buildings transaction Tax (Scotland) Act 2013.

On purchases between 145,000 and 250,000 the rate is 2%. Over £250,000 to £325,000 is 5%.

Question 4

What is inheritance tax?

Answer 4

IHT is a tax on the Estate of somebody who has died. This applies if the value is over £325,000 or if you leave everything to a spouse or charity.

The rate is 40%.

Question 5

What is IHT agricultural relief?

Answer 5

Agricultural land used for growing crops or rearing animals are exempt.

Livestock, machinery and derelict buildings are not exempt.