Exemptions Flashcards
1
Q
Exempt benefits
A
- contributions to pension scheme
- trivial benefits <£50, capped at £300 pa
- pension advice up to £500 per year
- childcare facilites run by employer
- one mobile phone
- free meals available to all staff
- annual social event up to £150 per head
- provision of parking space
- bicycles available to everyone
2
Q
Exempt Income
A
- Interest on National Savings Certificates
- Income from ISAs
- Betting, competiton, lottery and premium bond winnings
- social security benefits
- scholarships
- income tax repayment interest
- apprenticehsip bursaries
- compensation payments
3
Q
Exempt assets from CGT
A
- cash
- motor cars
- mosting wasting chattels
- non-wasting chattels where cost and proceeds are both <£6000
- gilt- edged securities
- National Savings Certificates and premium bonds
- Shares held in ISA
- Goodwill for companies only!!
