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Investment, Risk & Taxation > IAD Questions - Tax Related > Flashcards

IAD Questions - Tax Related Flashcards

1
Q

What is the annual income tax allowance?

A

£12,570

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2
Q

What is the annual personal savings allowances?

A

Basic: £1,000
Higher: £500
Additional: £0

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3
Q

What is the annual personal dividend allowance?

A

£2,000

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4
Q

In what scenario would there be a reduction in personal allowance?

A

For people with a salary of over £100,000. Allowance is reduced £1 for every £2 above the threshold

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5
Q

What are the basic rates for taxable income?

A

Non-savings income: 20%
Savings income: 20%
Dividend income: 8.75%

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6
Q

What is the basic rate threshold for income tax?

A

Up to £37,700 of taxable income

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7
Q

What is the higher rate threshold for income tax?

A

Up to £150,000 (of taxable income)

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8
Q

What is the additional rate threshold for income tax?

A

Over £150,000 (of taxable income)

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9
Q

What are the higher rates for taxable income?

A

Non-savings income: 40%
Savings income: 40%
Dividend income: 33.75%

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10
Q

What are the additional rates for taxable income?

A

Non-savings income: 45%
Savings income: 45%
Dividend income: 39.35%

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11
Q

What is the annual capital gains tax allowance?

A

£12,300

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12
Q

What is the basic rate of capital gains tax?

A

10%

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13
Q

What is the basic rate of capital gains tax for residential property?

A

18%

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14
Q

What is the higher rate of capital gains tax?

A

20%

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15
Q

What is the higher rate of capital gains tax for residential property?

A

28%

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16
Q

What is the additional rate of capital gains tax for residential property?

A

28%

17
Q

What is the exemption amount of the nil-rate band for IHT purposes?

A

£325,000

18
Q

What is the exemption of the residence nill-rate band?

A

Additional £175,000 (on top of £325,000)

19
Q

What is the Stamp Duty rate on share purchases?

A

0.5%

20
Q

What is the rate of Stamp Duty Land Tax on non-residential properties up to a value of £150,000

A

0%

21
Q

What is the rate of Stamp Duty Land Tax on non-residential properties with a value of £150,000 - £250,000?

A

2%

22
Q

What is the rate of Stamp Duty Land Tax on non-residential properties over the value of £250,000?

A

5%

23
Q

What is the rate of Inheritance Tax?

A

40%

24
Q

What type of National Insurance do Employees pay?

A

Class 1 (Primary)

25
Q

What type of National Insurance do Employers pay?

A

Class 1 (Secondary)

26
Q

What type of National Insurance do the self-employed pay?

A

Class 2 and Class 4

27
Q

What is the type of Voluntary “top up” National Insurance contributions?

A

Class 3

Investment, Risk & Taxation (4 decks)

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