Data Taxation in the UK

Question 1

Personal tax allowance

Answer 1

£12,570

Question 2

The wage at which you begin to loose your PA, rate at which you lose it

Answer 2

£100,000, £1 for every £2

Question 3

Percentage of PA which can be transferred, who can’t

Answer 3

10%, higher or additional rate payers

Question 4

Starting rate for savings at 0%, who can access it

Answer 4

£5,000, for those who earn £17,570 or less

Question 5

Basic tax rate, wage range

Answer 5

Up to £37,000

Question 6

Higher rate, wage range

Answer 6

£37,001 - £150,000

Question 7

Personal savings allowance for basic rate taxpayers

Answer 7

£1,000

Question 8

Personal savings allowance for higher-rate taxpayers

Answer 8

£500

Question 9

Personal savings allowance for additional rate taxpayers

Answer 9

none

Question 10

Additional rate, wage range

Answer 10

£150,000<

Question 11

Basic rate

Answer 11

20%

Question 12

Higher rate

Answer 12

40%

Question 13

Additional rate

Answer 13

45%

Question 14

Dividend tax allowance

Answer 14

£2000

Question 15

Basic rate of tax for dividends

Answer 15

8.75%

Question 16

Higher rate for dividends

Answer 16

33,75%

Question 17

additional rate for dividends

Answer 17

39.35%

Question 18

Capital gains tax exempt amount

Answer 18

£12,300

Question 19

Basic CGT rate

Answer 19

10%

Question 20

Higher CGT rate

Answer 20

20%

Question 21

Basic CGT rate on residential

Answer 21

18%

Question 22

Higher CGT rate on residential

Answer 22

28%

Question 23

Inheritance tax threshold

Answer 23

£325,000

Question 24

IHT rate on excess

Answer 24

40%

Question 25

Corporation tax rate

Answer 25

19%

Question 26

Pensions annual allowance

Answer 26

£40,000

Question 27

Income at which pensions allowance is tapered

Answer 27

£240,000

Question 28

ISA annual limit

Answer 28

£20,000

Question 29

Enterprise Investment Scheme tax relief rate, up to

Answer 29

30% up £1,000,000

Question 30

Seed EIS tax relief rate, up to

Answer 30

50% up £100,000

Question 31

Venture Capital Trust Relief rate, up to

Answer 31

30% up to £200,000

Question 32

Tax year

Answer 32

6 April - 5 April

Question 33

Qualifications of an automatic overseas resident. Must have one of three

Answer 33

- Fewer than 16 days in UK in a fiscal year - Not been a resident of the UK for 3 years and fewer than 46 days in the UK in a fiscal year - Works full time overseas and in the UK for fewer than 91 days

Question 34

Qualifications of automatic UK residency. One of three

Answer 34

- 183 days in UK - Main home in UK, avaliable to them for 91 days and used for at least 30 days - Works full time in the UK

Question 35

Amount of overseas income before which it is always taxed on a remittance basis, after which the individual can choose between remittance and arising if they are a non dom UK res

Answer 35

£2,000

Question 36

Remittance basis charge for an individual who has been a resident of the UK for 7 or the last 9 years

Answer 36

£30,000

Question 37

Remittance basis charge for an individual who has been a resident of the UK for 15 or the last 20 years

Answer 37

£60,000

Question 38

Installment dates for tax and who has to pay this way

Answer 38

31 Jan and 31 July, less than 80% of last years income tax was paid at source

Question 39

Date up until which individuals can ask HMRC to calculate their tax due for free

Answer 39

31 Oct

Question 40

Due date for tax returns and payment

Answer 40

31 Jan

Question 41

% landlords can get in credit on mortgage payment for a buy to let scheme

Answer 41

20%

Question 42

Stamp Duty Reserve Tax, when paid and percentage

Answer 42

On purchases over £1,000 its 0.5% to the nearest penny

Question 43

As a first time buyer, no stamp duty on first.... for house purchase up until ..... Remain taxed at ... %

Answer 43

- £425,000 - £625,000 - 5%

Question 44

Price at which art become CGT chargeable

Answer 44

£6,000

Question 45

SDLT on main residence properties up to £250,000

Answer 45

0%

Question 46

SDLT on main residence £250,001-£925,000

Answer 46

5%

Question 47

SDLT on main residence £925,001-£1,500,000

Answer 47

10%

Question 48

SDLT on main residence properties over £1,500,000

Answer 48

15%

Question 49

Extra % SDLT charge for additional rental properties

Answer 49

3%

Question 50

Extra % SDLT charge for non UK residence

Answer 50

2%

Question 51

SDLT on commercial properties up until £150,000

Answer 51

zero

Question 52

SDLT on commercial properties £150,001-£250,000

Answer 52

2%

Question 53

SDLT on commercial properties above £250,000

Answer 53

5%

Question 54

How many years of NI contributions for the state pension

Answer 54

35 years

Question 55

If life time transfers into discretionary trusts exceed the nil rate band, what % will they be charged

Answer 55

20%

Question 56

IHT exempt gift rate

Answer 56

£3,000 a year, carried forward 1 year if not used

Question 57

IHT exempt gifts to bride and groom at marriage

Answer 57

£5k

Question 58

Transfers between spouses if 1 is non UK dom IHT taxless limit

Answer 58

£55,000

Question 59

If 10% of estate is left to charity what is the IHT rate reduced by for the rest

Answer 59

10% to 36% for the remainder of the estate

Question 60

Profits at which point a company must pay corporation tax quarterly

Answer 60

£15m

Question 61

Business VAT turnover where it must be registered with HMRC

Answer 61

£85,000

Question 62

Available tax free lump sum upon retiring

Answer 62

25%