indirect investments the horrible kind Flashcards
name the two types of offsshore collectives
qualifying and non qualifyong
what does qualiyfing collective mean
granted hmrc status
what are the features of a qualyfing collective mean such how is equity and icnome treated
income tax are in relation to the tax bracket, 20% 40 45
dividends are at dividend rates
with a qualyfing offshore collective is a psa avaiable and div allowance
yes
if an offshore qualifying collective is sold how is this taxed
taxed at cgt 10 or 20%
what about a non qualifying offshore collective regarding HMRC status and psa allowance
no HMRC status
no cgt, but when sold this is taxed as income, 20 40 45%
no psa allowance or div or savings allowance
how are reporting funds recieved
recived gross
what are the advantages of non reporting offshore collective with non uk dom status but uk res
if youre a non uk dom but uk res, dont have to pay iht
accumulation is quicker as its not taxed
non uk res tax free
non uk res - free of tax
what is a uk life assurance policy that qualifies maxium you can contributye
its subject to income of 3600 pe ranumn per policy - so it is split into policies
what is a non qualifying policy
single premoiums that are invetsmnets
how is a uk life policy taxed
fund pays 20%
dividends is exmpt from income tax
fund pays 20% on disposal
can a non qualiying uk life assurance policy be reclaimemd
no
how is a policyholder taxed on uk life policy
taxed as income - as savings on profit - on cgt gains
what is a charagble events
damps
what are non chargable events
mcic - assign of mortgage - civil partner - cic
what is teh calculation of a chargabkle event gain
can have 5% up to th eyears, on maturty surrendor or death
do managment fees count tiowards the 5%
yes
for a higher rate payer how are they taxed on the chargable gain of a uk life policy
20%
for an adr how are they taxed on the chargable gain
25%
who charges a cetrificate hwne a chartgable event occours
teh life office
how is a pla and a pa certain taxed
teh same = part as savings - part as income
how is a pension annuity taxed
taxed as full incoem
how is a defered annuity taxed
as a pla
how is a benefary annuity taxed
taxed in full savings income
how is a onshore life assurance taxed
gross but higher extra 20% 25 if adr - the onshore
how is an offshore life assurance taxed
basic always pay 20% - higher 40 45 - it is paiud net but need sto be paid
is an offshore life asurance tax reckaiamble
no
what is the benefit of offshore life assurance policy
compiunding affect - wealt his accuulated - income = gross rol up
what about if a life assurance policy is in a trusr + IIP AND DISCTR
no chatge - uness wiithdrawn or chargable gain
iip - 20
discrtionary 45
what is achargabkle gain
damps
who would be charged in the trust
settlor = who created the trust
what if a life asurance was placed into an absoukte trust who would be taxed - what rate would b taxed
it sa pet so nothing
whats teh eligibility of a reit
close company
uk res
pid and non pid
pid - income alloance
non pid - div allowance
what is the eligibilty of a reit
75% of profits have to be distrubuted as divs
90% od profit has to come from rental
125% of borrowing interest - come by rent
is a reit liable to cgt
yes
with a personal portfolio how are the taxed
end of life 15% - no topp slicing relief
how is a life assurance policy
