Changes in tax laws

Question 1

Personal tax allowance

Answer 1

Personal tax allowance: £12,570

Question 2

Income limit for PTA

Answer 2

Income limit for PTA: £100,000

Question 3

Personal Savings allowance basic rate

Answer 3

£1,000

Question 4

Personal Savings allowance Higher Rate

Answer 4

500

Question 5

Personal Savings allowance Additional Rate Taxpayers

Answer 5

£0

Question 6

Personal Dividend Allowance

Answer 6

All taxpayer £1,000

Question 7

Income tax rates: Starting rate for savings:

Answer 7

0% - £0-£5,000

Question 8

Income tax rates: Basic rate

Answer 8

20% (8.75% dividends)
£0-£37,700

Question 9

Income tax rates: Higher rate

Answer 9

Higher rate: 40% (32.5% dividends)
£37,701-£125,140

Question 10

Income tax rates:additional rate

Answer 10

Additional rate: 45% (38.1% dividends)
Above £125,150

Question 11

Capital Gains Tax: Annual exemption

Answer 11

Annual exemption: £6,000

Question 12

Capital Gains Tax: Standard CGT rates: Basic Rate Band & Higher Rate Band

Answer 12

Basic Rate Band: 10%
Higher Rate Band: 20%

Question 13

Capital Gains Tax: Residential property CGT rates: Basic Rate Band & Higher Rate Band:

Answer 13

Basic Rate Band: 18%
Higher Rate Band: 28%

Question 14

Inheritance Tax; Nil Rate Band

Answer 14

Nil Rate Band: £325,000

Question 15

Inheritance Tax: Residential Nil Rate Band

Answer 15

Residential Nil Rate Band:
Add £175,000 (£500,000)

Question 16

Inheritance Tax: Tapered down for property worth above…

Answer 16

Tapered down for property worth above
£2m

Question 17

Corporation tax: Small company

Answer 17

Small company (profits <£50,000): 19%

Question 18

Corporation tax: Main rate

Answer 18

Main rate (profits >£250,000): 25%

Question 19

Corporation tax: Special rate

Answer 19

Special rate (CIS): 20%

Question 20

Pensions: The lifetime allowance amount

Answer 20

The lifetime allowance has been abolished

Question 21

Pensions: Pensions annual allowance:

Answer 21

Pensions annual allowance: £60,000

Question 22

Pensions: Tapered annual allowance

Answer 22

Tapered annual allowance:
A rate of £1 for every £2 over £260,000
(minimum allowance £10,000)

Question 23

SDLT (Residential) Properties up to £250,000

Answer 23

0

Question 24

SDLT (Residential) Between £250,000 to £925,000

Answer 24

5

Question 25

SDLT (Residential) Between £925,000 and £1.5m

Answer 25

10

Question 26

SDLT (Residential) Remainder above £1.5m

Answer 26

12

Question 27

SDLT (Residential) Properties up to £425,000:

Answer 27

0

Question 28

SDLT (Residential) On the balance up to £625,000:

Answer 28

5

Question 29

SDLT (Residential) Properties above £625,000

Answer 29

No Relief

Question 30

SDLT (Residential) Second property charge

Answer 30

Additional 3% on each band

Question 31

SDLT (Residential) Overseas buyers:

Answer 31

Additional 2% on each band

Question 32

SDLT (Residential) Non-natural person SDRT:

Answer 32

Above £500,000: 15% on full value

Question 33

Rent a room scheme allowance

Answer 33

£7,500

Question 34

UK resident non-domicile Remittance basis charge 7 out of 9 years:

Answer 34

£30,000

Question 35

UK resident non-domicile Remittance basis charge 12 out of 14 years

Answer 35

£60,000

Question 36

UK resident non-domicile Remittance basis charge 15 out of 20 years

Answer 36

Deemed domicile

Question 37

VAT threshold

Answer 37

£85,000

Question 38

ISA annual limits:

Answer 38

£20,000.00

Question 39

Junior ISA limits:

Answer 39

£9,000.00

Question 40

Tax Wrappers
Enterprise Investment Scheme (EIS) and
Venture Capital Trusts (VCTs)

Answer 40

Tax relief rate: 30%