Tax Flashcards
Income Tax Allowance and Bands
Basic - 20% up to £37,700
Higher - 40% to £125,140
Additional - 45% over £125,140
Interest from savings personal allowances
Basic - £1000
Higher - £500
Additional - £0
Non CGT applicable gains
ISAs
Gilts
Premium bond winnings
Gambling winnings
CGT Allowance and Rates
Allowance - £6000
Basic rate - 10%
Additional and Higher rate - 20%
Basic resi - 18%
Higher resi - 28%
IHT Threshold and Rates
Threshold - £325,000
Rate - 40%
Charity rate - 36%
How to avoid IHT
Transfer to spouse
Transfer 7 years before death
Transfer up to £3k per year
How long must businesses keep tax records
6 years
Dividend allowance and tax rates
Allowance - £1000
Basic - 8.75%
Higher - 33.75%
Additional - 39.35%
How long can capital losses be carried forward
4 years
EIS tax relief
30% up to £1mil
Seed EIS tax relief
50% up to £200k
Venture capital trust relief tax limit
30% up to £200k
Resi SDLT rates
0% - to £250,000
5% - to £925,000
10% - to £1,500,000
12% - over £1,500,000
% of income tax personal allowance that can be transferred to a partner
10%
Max annual pension contribution before taxes
60k
