IMC Unit 1 - Tax

Question 1

What is the personal tax allowance?

Answer 1

£12,570

Question 2

What is the starting rate for savers?

Answer 2

£5000

Question 3

What is the basic rate income tax range and rate?

Answer 3

£0 - £37,700
20%

Question 4

What is the higher income tax range and rate?

Answer 4

£37,701 - £150,000
40%

Question 5

What is the additional income tax range and rate?

Answer 5

£150,001 +
45%

Question 6

What is the amount that is tax exempt from capital gains tax?

Answer 6

£12,300

Question 7

What is the capital gains tax rate for basic tax payers?

Answer 7

10%

Question 8

What is the capital gains tax rate for higher tax payers?

Answer 8

20%

Question 9

What is the capital gains tax rate for additional tax payers?

Answer 9

20%

Question 10

What is the capital gains tax rate for basic rate taxpayers on additional properties?

Answer 10

18%

Question 11

What is the capital gains tax rate for higher rate taxpayers on additional properties?

Answer 11

28%

Question 12

What is the capital gains tax rate for additional rate taxpayers on additional properties?

Answer 12

28%

Question 13

What is the dividend tax allowance?

Answer 13

£2000

Question 14

What is the dividend tax rate for basic taxpayers?

Answer 14

8.75%

Question 15

What is the dividend tax rate for higher rate taxpayers?

Answer 15

33.75%

Question 16

What is the dividend tax rate for additional rate taxpayers?

Answer 16

39.35%

Question 17

What is the inheritance tax threshold?

Answer 17

£325,000

Question 18

What is the inheritance tax rate?

Answer 18

40%

Question 19

What is the corporation tax rate?

Answer 19

19%

Question 20

What is the pensions annual allowance?

Answer 20

£40,000

Question 21

What is the EIS tax relief rate?

Answer 21

30% up to £1,000,000

Question 22

What is the seed EIS tax relief limit?

Answer 22

50% up to £100,000

Question 23

What is the VCT tax relief limit?

Answer 23

30% up to £200,000

Question 24

What is the lowest range and rate of SDLT for a main residence?

Answer 24

Up to 250,000
0%

Question 25

What is the second-lowest range and rate of SDLT for a main residence?

Answer 25

250,001 - 925,000 5%

Question 26

What is the second-highest range and rate of SDLT for a main residence?

Answer 26

925,001 - 1,500,000 10%

Question 27

What is the highest range and rate of SDLT on a main residence?

Answer 27

1,500,000+ 12%

Question 28

What is the lowest range and rate of SDLT for an additional residence?

Answer 28

0 - 250,000 3%

Question 29

What is the second-lowest range and rate of SDLT for an additional residence?

Answer 29

250,001 - 925,000 8%

Question 30

What is the second-highest range and rate of SDLT for an additional residence?

Answer 30

925,001 - 1,500,000 13%

Question 31

What is the highest range and rate of SDLT for an additional residence?

Answer 31

1,500,000+ 15%

Question 32

What is the SDLT rate charged to corporate bodies purchasing a residential property for more than £500,000?

Answer 32

15%

Question 33

What is the lowest range and rate of SDLT for commercial property?

Answer 33

£0 - 150,000 0%

Question 34

What is the middle range and rate of SDLT on commercial property?

Answer 34

150,001 - 250,000 2%

Question 35

What is the highest range and rate of SDLT on commercial property?

Answer 35

250,000+ 5%

Question 36

Are capital losses offset against capital gains before or after the annual allowance is removed?

Answer 36

Before

Question 37

Basic rate taxpayers get how much tax free on interest income?

Answer 37

£1000

Question 38

Over which GBP value is stamp duty due?

Answer 38

£1000

Question 39

What level of income is required for the tax free savings rate not to apply?

Answer 39

£17,570

Question 40

What tax-free allowance do basic rate taxpayers receive on savings income?

Answer 40

£1000

Question 41

What tax-free allowance do higher rate taxpayers receive on savings income?

Answer 41

£500

Question 42

What tax-free allowance do additional rate taxpayers receive on savings income?

Answer 42

£0

Question 43

What is the SDLT due on companies that buy residential property over £500,000?

Answer 43

15%