Module 4: Other Income

Question 1

Advantages of FHL (3)

Answer 1

• earnings are pensionable (NS income)
• capital allowances available on furnishings and fixtures
• capital gains taxes available

Question 2

Double taxation relief = lower of

Answer 2

UK tax on overseas income

Overseas tax paid on overseas income

Question 3

Scottish tax payers marriage allowance

Answer 3

Can be transferred to individuals at starter/ basic/ intermediate tax rates

Question 4

Gift aid

Answer 4

Extend income tax bands by gross donation (cash x 100/80)

Question 5

Payroll giving

Answer 5

Deduct from gross wages before PA