Random Flashcards
When does an online tax return need to be done by
31 January following end of tax year to which it relates
When does a paper tax return need to be submitted by?
31 October following end of tax year to which it relates
Explain Entrepreneur relief
- Have to hold at least 5% of the voting shares
- Asset had to be owned at least 2 year
- 10% CGT on £10 million gains
Explain a help to buy ISA
- For every £200 saved there is a £50 bonus to up a maximum of £3k on £12k.
- Not paid until completion of property purchase, so can’t use it as a deposit
What is the maximum property house values for a Help to Buy ISA
£250k and £450k for London.
What is the difference between fixed and individual protection
Fixed protection - no more contributions
Individual protection - conts can be paid but pension savings in excess of LTA will be taxed
What is a capital redemption bond?
They have no lives assured but generally have a maturity date of under 99 years
What is the minimum amount of trustees you must have? And what is the maximum?
No limit, but if it is land there must be 2 trustees
For a trust corporation the maximum number of trustees is 4
What are the two minimum requirements to be a trustee?
- Over 18
2. Of sound mind
What is a mutual will?
identical wills and cannot be revoked without the consent of the other
Carl, who is self-employed, has recently claimed under his income protection policy. The benefits paid to him will be paid:
The correct answer is: gross and not subject to income tax and National Insurance.
Tania has received the benefits on maturity of a second-hand endowment policy that she purchased some years ago. The gain that she has made will be subject to what type of tax
a. subject to capital gains tax
mortgage payment protection insurance Taxation
no tax relief on premiums and no tax on benefits.
What is the gov interest rate
2.5% so difference between this and cheap loan is the taxable benefit amount
