Module 20: Taxation - Deferred Tax

Question 1

Deferred tax %

Answer 1

17%

Question 2

Writing down allowance %

Answer 2

18%

Question 3

PPE held as historical cost - carrying amount =

Answer 3

Carrying amount

Question 4

PPE held as historical cost - tax base

Answer 4

Tax written down value (deduct capital allowances)

Question 5

Rollover and holdover relief - carrying amount

Answer 5

Gain

Question 6

Rollover and holdover relief - tax base

Answer 6

Nil

Question 7

PPE at valuation - carrying amount

Answer 7

Gain

Question 8

PPE at valuation - tax base

Answer 8

Nil

Question 9

Double entry for PPE at valuation

Answer 9

DR/ CR Revaluation surplus

DR/ CR Deferred tax asset/ liability

Question 10

Pension asset - carrying amount

Answer 10

Pension asset

Question 11

Pension asset - tax base

Answer 11

Nil

Question 12

Pension liability - carrying amount

Answer 12

Liability

Question 13

Pension liability - tax base

Answer 13

Nil

Question 14

Cash settled share based payment relating to employees - carrying amount

Answer 14

Liability on SFP

Question 15

Cash settled share based payment relating to employees - tax base

Answer 15

Nil