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Investment, Risk and Taxation > Changes in tax laws > Flashcards

Changes in tax laws Flashcards

1
Q

Personal tax allowance

A

Personal tax allowance: £12,570

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2
Q

Income limit for PTA

A

Income limit for PTA: £100,000

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3
Q

Personal Savings allowance basic rate

A

£1,000

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4
Q

Personal Savings allowance Higher Rate

A

500

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5
Q

Personal Savings allowance Additional Rate Taxpayers

A

£0

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6
Q

Personal Dividend Allowance

A

All taxpayer £1,000

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7
Q

Income tax rates: Starting rate for savings:

A

0% - £0-£5,000

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8
Q

Income tax rates: Basic rate

A

20% (8.75% dividends)
£0-£37,700

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9
Q

Income tax rates: Higher rate

A

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

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10
Q

Income tax rates:additional rate

A

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

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11
Q

Capital Gains Tax: Annual exemption

A

Annual exemption: £6,000

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12
Q

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

A

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

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13
Q

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

A

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

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14
Q

Inheritance Tax; Nil Rate Band

A

Nil Rate Band: £325,000

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15
Q

Inheritance Tax: Residential Nil Rate Band

A

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

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16
Q

Inheritance Tax: Tapered down for property worth above…

A

Tapered down for property worth above
£2m

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17
Q

Corporation tax: Small company

A

Small company (profits <£50,000): 19%

18
Q

Corporation tax: Main rate

A

Main rate (profits >£250,000): 25%

19
Q

Corporation tax: Special rate

A

Special rate (CIS): 20%

20
Q

Pensions: The lifetime allowance amount

A

The lifetime allowance has been abolished

21
Q

Pensions: Pensions annual allowance:

A

Pensions annual allowance: £60,000

22
Q

Pensions: Tapered annual allowance

A

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

23
Q

SDLT (Residential) Properties up to £250,000

A

0

24
Q

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

A

5

25
Q

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

A

10

26
Q

SDLT (Residential) Remainder above £1.5m

A

12

27
Q

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

A

0

28
Q

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

A

5

29
Q

SDLT (Residential) Properties above £625,000

A

No Relief

30
Q

SDLT (Residential) Second property charge

A

Additional 3% on each band

31
Q

SDLT (Residential) Overseas buyers:

A

Additional 2% on each band

32
Q

SDLT (Residential) Non-natural person SDRT:

A

Above £500,000: 15% on full value

33
Q

Rent a room scheme allowance

A

£7,500

34
Q

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

A

£30,000

35
Q

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

A

£60,000

36
Q

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

A

Deemed domicile

37
Q

VAT threshold

A

£85,000

38
Q

ISA annual limits:

A

£20,000.00

39
Q

Junior ISA limits:

A

£9,000.00

40
Q

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

A

Tax relief rate: 30%

Investment, Risk and Taxation (15 decks)

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