Examinable Documents (Important Figures) (3)

Question 1

Lower rate normal rate for capital gains tax?

Answer 1

10%

Question 2

Lower rate residential property for capital gains tax?

Answer 2

18%

Question 3

Higher rate normal rate for capital gains tax?

Answer 3

20%

Question 4

Higher rate residential property for capital gains tax?

Answer 4

28%

Question 5

Annual exempt amount for capital gains tax?

Answer 5

£6000

Question 6

Lifetime limit (business asset disposal relief) for capital gains tax?

Answer 6

£1000000

Question 7

Lifetime limit (investors’ relief) for capital gains tax?

Answer 7

£10000000

Question 8

Rate of tax for capital gains tax?

Answer 8

10%

Question 9

NIC for class 1 employee? (£1-£12570 per year)

Answer 9

Nil

Question 10

NIC for class 1 employee? (£12571-£50270 per year)

Answer 10

12%

Question 11

NIC for class 1 employee? (£50271+ per year)

Answer 11

2%

Question 12

NIC for class 1 employer? (£1-£9100 per year)

Answer 12

Nil

Question 13

NIC for class 1 employer? (£9101+ per year)

Answer 13

13.8%

Question 14

NIC for class 1 employer? (Employment allowance)

Answer 14

£5000

Question 15

NIC for class 1A

Answer 15

13.8%

Question 16

NIC for class 2 (per week)

Answer 16

£3.45 per week

Question 17

NIC for class 2 (lower profits limit)

Answer 17

£12570

Question 18

NIC for class 4 (£1-£12570 per year)

Answer 18

Nil

Question 19

NIC for class 4 (£12571-£50270 per year)

Answer 19

9%

Question 20

NIC for class 4 (£50271+ per year)

Answer 20

2%

Question 21

Official rate of interest?

Answer 21

2.25%

Question 22

Rate of interest on underpaid tax?

Answer 22

6.5%

Question 23

Rate of interest on overpaid tax?

Answer 23

3%

Question 24

Deliberate and concealed (maximum penalty)

Answer 24

100%

Question 25

Deliberate and concealed (minimum penalty - unprompted disclosure)

Answer 25

30%

Question 26

Deliberate and concealed (minimum penalty - prompted disclosure)

Answer 26

50%

Question 27

Deliberate but not concealed (maximum penalty)

Answer 27

70%

Question 28

Deliberate but not concealed (minimum penalty - unprompted disclosure)

Answer 28

20%

Question 29

Deliberate but not concealed (minimum penalty - prompted disclosure)

Answer 29

35%

Question 30

Careless (maximum penalty)

Answer 30

30%

Question 31

Careless (minimum penalty - unprompted disclosure)

Answer 31

0%

> 12months: 10%

Question 32

Careless (minimum penalty - prompted disclosure)

Answer 32

15%

Question 33

Penalty for deliberate and concealed?

Answer 33

Greater of: 100% of tax liability and £300

Question 34

Penalty for deliberate not concealed?

Answer 34

Greater of: 70% of tax liability and £300

Question 35

Penalty for careless?

Answer 35

Greater of: 5% of tax liability and £300