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IMC Unit 1 > IMC Unit 1 - Tax > Flashcards

IMC Unit 1 - Tax Flashcards

1
Q

What is the personal tax allowance?

A

£12,570

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2
Q

What is the starting rate for savers?

A

£5000

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3
Q

What is the basic rate income tax range and rate?

A

£0 - £37,700
20%

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4
Q

What is the higher income tax range and rate?

A

£37,701 - £150,000
40%

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5
Q

What is the additional income tax range and rate?

A

£150,001 +
45%

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6
Q

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

A

£12,300

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7
Q

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

A

10%

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8
Q

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

A

20%

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9
Q

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

A

20%

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10
Q

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

A

18%

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11
Q

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

A

28%

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12
Q

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

A

28%

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13
Q

What is the dividend tax allowance?

A

£2000

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14
Q

What is the dividend tax rate for basic taxpayers?

A

8.75%

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15
Q

What is the dividend tax rate for higher rate taxpayers?

A

33.75%

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16
Q

What is the dividend tax rate for additional rate taxpayers?

A

39.35%

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17
Q

What is the inheritance tax threshold?

A

£325,000

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18
Q

What is the inheritance tax rate?

A

40%

19
Q

What is the corporation tax rate?

A

19%

20
Q

What is the pensions annual allowance?

A

£40,000

21
Q

What is the EIS tax relief rate?

A

30% up to £1,000,000

22
Q

What is the seed EIS tax relief limit?

A

50% up to £100,000

23
Q

What is the VCT tax relief limit?

A

30% up to £200,000

24
Q

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

A

Up to 250,000
0%

25
Q

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

A

250,001 - 925,000
5%

26
Q

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

A

925,001 - 1,500,000
10%

27
Q

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

A

1,500,000+
12%

28
Q

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

A

0 - 250,000
3%

29
Q

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

A

250,001 - 925,000
8%

30
Q

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

A

925,001 - 1,500,000
13%

31
Q

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

A

1,500,000+
15%

32
Q

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

A

15%

33
Q

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

A

£0 - 150,000
0%

34
Q

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

A

150,001 - 250,000
2%

35
Q

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

A

250,000+
5%

36
Q

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

A

Before

37
Q

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

A

£1000

38
Q

Over which GBP value is stamp duty due?

A

£1000

39
Q

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

A

£17,570

40
Q

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

A

£1000

41
Q

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

A

£500

42
Q

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

A

£0

43
Q

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

A

15%

IMC Unit 1 (2 decks)

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