Income tax Flashcards
1
Q
What is the remittance basis?
A
- For UK residents but not UK domiciled
- pays UK tax on UK income
- only pay tax on foreign income and gains if brought into the UK
- always NSI so no SI or DI relief (only if it is remitted into the UK under the remittance basis)
2
Q
How is all income, UK and overseas, taxed under the non-RB?
A
As you would normally do it:
- NSI
- SI
- DI
3
Q
Do you a gross up any tax experienced overseas?
A
Yes
4
Q
Is there a charge on remittance?
A
Yes, see hardmans
5
Q
What is the capital contribution limit to a company car?
A
5000
6
Q
When should contribution to a car be taken off?
A
Before multiplying by CO2 %
7
Q
When should contribution towards a business asset be taken off?
A
AFTER calculating the tax
8
Q
What do you lose on the remittance basis?
A
Personal allowance
