Formulas

Question 1

Net to gross income when 20% taken from source?

Answer 1

Net income ÷ 0.8

Question 2

Adjusted total income

Answer 2

Total income + charitable donations - all types of pension contributions

Question 3

Adjusted net income

Answer 3

(Total income after deductions for loss relief and interest payments) - gross personal pension contributions and gross gift aid donations.

Question 4

What are the rates for dividend tax?

Answer 4

Basic 8.75
Higher 33.75
Aditional 39.35

Question 5

Exempt part of gain

Answer 5

Total gain x (period of occupation/total period of ownership)

Question 6

Acquisition cost of part sold for part disposal

Answer 6

(Sale proceeds of part sold=current value of asset) x original cost of whole asset

Question 7

Current value of whole asset

Answer 7

Proceeds of part sold + market value of part retained.

Question 8

Quick succession relief

Answer 8

(Net gift received/gross gift received) x tax paid x QSR%