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Taxation ACCA > Chapter 19 - Computation of gains and tax payable > Flashcards

Chapter 19 - Computation of gains and tax payable Flashcards

1
Q

What are the three things needed for Capital gains tax

A
  • Chargeable person
  • Chargeable asset
  • Chargeable disposal
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2
Q

Who can be a chargeable person?

A

UK resident

UK resident company

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3
Q

What are exempt disposals?

A
  • Disposals as a result of death

- Gift to charities

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4
Q

Is compensation received from damage or loss of an asset deemed as a chargeable disposal?

A

Yes

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5
Q

Is loss of an asset deemed as a chargeable disposal?

A

Yes

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6
Q

Is the below an exempt or not exempt asset for CGT purposes?

Freehold land and buildings

A

Not exempt

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7
Q

Is the below an exempt asset for CGT purposes?

Goodwill

A

Not exempt

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8
Q

Is the below an exempt asset for CGT purposes?

Unquoted shares

A

Not exempt

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9
Q

Is the below an exempt asset for CGT purposes?

Quoted shares

A

Not exempt

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10
Q

Is the below an exempt asset for CGT purposes?

Motor vehicles

A

Exempt

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11
Q

Is the below an exempt asset for CGT purposes?

Main residence

A

Exempt

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12
Q

Is the below an exempt asset for CGT purposes?

Cash

A

Exempt

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13
Q

Is the below an exempt asset for CGT purposes?

ISA investments

A

Exempt

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14
Q

Is the below an exempt asset for CGT purposes?

Qualifuying corporate bonds

A

Exempt

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15
Q

Is the below an exempt asset for CGT purposes?

Gilt edged securities

A

Exempt

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16
Q

Is the below an exempt asset for CGT purposes?

NS&I certificates

A

Exempt

17
Q

Is the below an exempt asset for CGT purposes?

Foreign currency for private use

A

Exempt

18
Q

Is the below an exempt asset for CGT purposes?

Receivables

A

Exempt

19
Q

Is the below an exempt asset for CGT purposes?

Trading inventory

A

Exempt

20
Q

Is the below an exempt asset for CGT purposes?

Prizes and betting winnings

A

Exempt

21
Q

What is the value of an asset when it is gifted?

A

Market value

22
Q

What is the value of an asset when it is inherited?

A

Market value on date of death

23
Q

What are the rates for capital gains tax?

A

Normal rate 10%/20%

Residential property rates 18%/28%

24
Q

When is CGT due?

A

31 January following the tax year

Taxation ACCA (27 decks)

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