Tax

Question 1

Threshold between Basic & Higher Rates for CGT?

Also difference between 20% & 40% for Income Tax

Answer 1

£50,270

Question 2

Annual allowance for CGT?

Answer 2

£12,300

Question 3

Stamp Duty Land Tax (Non-Resi)

Answer 3

Up to £150,000 - 0%
Next £100,000 - 2%
Remainder - 5%

Question 4

Stamp Duty Lax Tax (Resi)

Answer 4

Up to £250,000 - 0%
Next £675,000 - 5%
Next £575,000 - 10%
Remainder - 12%

Question 5

First time buyers & second homes - SDLT

Answer 5

Upton £425,000 - 0%
Second Homes - 3% more

Question 6

Buisness Rate Multiplier - Wales

Answer 6

0.535

Question 7

What properties are exempt from business rates?

Answer 7

• agricultural land and buildings including fish farms
• buildings used for training or the welfare of disabled persons
• buildings registered for public religious worship and church halls

Question 8

Tax advantages of CFA:

Answer 8

• Profit deemed trading income rather than investment
• Farmer remains farmer = APR
• Keeping in hand allows for any ‘hope value’ to qualify for BPR.