Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

TC > CGT > Flashcards

CGT Flashcards

1
Q

Chargeable person / not
Individuals

A

Chargeable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Chargeable person / not
Business partners treated as owning share of partnership assets

A

Chargeable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Chargeable person / not
Trustees

A

Chargeable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Chargeable person / not
Companies paying CT on gains

A

Chargeable person

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Chargeable person / not
Registered charities using gains for charitable purposes

A

Exempt CGT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Chargeable person / not
Friendly societies

A

Exempt

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Chargeable person / not
Local authorities

A

Exempt

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Chargeable person / not
Registered pension schemes

A

Exempt

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Chargeable person / not
Investment trusts

A

Exempt

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Chargeable person / not
Approved scientific research associations

A

Exempt

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Chargeable disposal/not
Sale of whole/part asset

A

Chargeable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Chargeable disposal/not
Gift of whole/part asset

A

Chargeable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Chargeable disposal/not
Receipts of capital sums on surrender of rights over asset

A

Chargeable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Chargeable disposal/not
Loss/destruction of whole/part of asset

A

Chargeable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Chargeable disposal/not
Appropriation of assets as trading stock

A

Chargeable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Chargeable disposal/not
Asset appropriated into trading stock

A

Disposal of asset at market value - elect to be treated as gain or loss and cost adjusted for gain / loss that would have occured

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Chargeable disposal/not
Gift to charities

A

Exempt

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Chargeable disposal/not
Gift to art galleries/museum

A

Exempt (if used for purposes of institution)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Chargeable asset/not
Tangible (land furniture art)

A

Chargeable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Chargeable asset/not
Intangible (goodwill, shares, crypto, leases)

A

Chargeable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Chargeable asset/not
Legal tender (cash)

A

Exempt

22
Q

Chargeable asset/not
Motor cars (inc vintage and classic)

A

Exempt

23
Q

Chargeable asset/not
Medals awarded for valour if person disposing did not acquire for money

A

Exempt - if did acquire for money non-wasting chattle rules

24
Q

Chargeable asset/not
Wasting chattels except assets used in business where owner has/could have claimed CA

A

Exempt

25
Q

Chargeable asset/not
Chattels non-wasting or used in business if sold at gain for consideration < 6000

A

Exempt

26
Q

Chargeable asset/not
Gilt-edged securities

A

Exempt

27
Q

Chargeable asset/not
Qualifying corporate bonds

A

exempt

28
Q

Chargeable asset/not
NSI & premium bonds

A

Exempt

29
Q

Chargeable asset/not
Shares and investments in ISA

A

Exempt

30
Q

Chattel

A

Item of tangible moveable property, specifically excluding goodwill, shares and leasees

31
Q

Wasting chattel

A

Chattel with predictable life at date of disposal < 50 years. Include caravans, boats computer and animals (P&M

32
Q

non-wasting chattel

A

Predictable life at date of disposal of more than 50y

33
Q

Qualifying corporate bond is defined as

A

sterling denominated, non-convertible, loan stock representing normal commercial loan, interest upon which is neither excessive, nor dependent on business performance

34
Q

CGT - Allowable costs

A

acquisition cost
incidental cost of acquisition (legal fees etc)
Enhancement expenditure

35
Q

Part disposal cost

A

Cost * MV part disposed / (MV disposed+MV retained)

36
Q

Annual exempt amount for CGT

A

12300

37
Q

If losses bought forward these are set against

A

First available net gains after deduction of CY losses and AEA

38
Q

Under s64 trading loss relief can be set against

A

Chargeable gains for CY and PY (CYCB), claim made against general income before gains in same year

39
Q

Amount of S261B loss (CYCB) is lower of

A
  • unrelieved trading loss
  • CY gains - CY losses and capital losses bought forward
40
Q

When is CGT due

A

31 January following tax year of disposal

41
Q

When can GCT be paid by instalments

A

When CGT arises as result of a gift of land or shares in a company out of a controlling holding, or. any number of shares in an unquoted company.

42
Q

When paid in instalments, CGT is due

A

10 yearly instalments starting 31 January after end of tax year gain arose, provided election made in writing to HMRC, interest will be charge

43
Q

Payment of CGT on disposal of UK rental property

A

UK land return and payment on account due within 60 days of completion

44
Q

Who is an individual connected with

A

Spouse
Relatives and their spouses
Spouses relatives and their spouses
Business partners and their spouses/relatives

45
Q

Connected - trustee of a settlement

A

Connected with the trust settlor and anyone connected with the settlor. connected from start of trust.

46
Q

A disposal to a connected person is always deemed

A

to be made at MV at the date of disposal

47
Q

Loss incurred on disposal to a connected person can only be offset against

A

Gains made on disposal to the same connected person in same or future tax years

48
Q

Disposals of shares are matched against acquisitions of the same class in what order

A
  • same date
  • following 30 days FIFO
  • any shares in s104
49
Q

What to do with bonus issue

A

Bonus shares deemed to have been acquired on same date as original shares
bonus issues attach pro rata to s104 at nil cost

50
Q

What to do with rights issue

A

Deemed to have been acquired on same date as original shares to which they relate
attach pro rata to s104 pool, number of shares added and cost of rights shares increases cost

51
Q

Valuing quoted shares

A

Lower quoted price + 0.5*(higher quoted price - lower quoted price)

TC (18 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions