tax

Question 1

IHT rates

Answer 1

40% on value of estate over £325,000

Question 2

What is inheritance tax

Answer 2

a tax on the estate of someone who has died, including all property, possessions and money

Question 3

APR

Answer 3

Agricultural property that qualifies for Agricultural Relief is land or pasture that is used to grow crops or to rear animals.

100%

or

50%

Question 4

BPR

Answer 4

Business Relief reduces the value of a business or its assets when working out how much Inheritance Tax has to be paid.

50%

Or

100%

depending on the asset

only relief on trading assets, over 50% of income is from trading assets able to claim brp on the whole balfour

Question 5

Capital gains tax

Answer 5

tax on the profit from disposing a asset

Question 6

What is CGT charged at

Answer 6

20% for higher rate
24% for higher rate resi
10% for basic rate
18% for basic rate resi

Question 7

CGT relief

Answer 7

Business asset disposal relief (entrepreneurs relief) - 10% - relief on disposal of business or intrest in a business

Roll over relief - sell and purchase a new asset - don’t pay tax until the new asset is sold that was purchased with the proceeds

Question 8

VAT

Answer 8

usually due at 20%
5% at domestic energy
0% food books and other goods

VAT - Thresholds
for registration turnover of £90,000

Question 9

CGT valuation base

Answer 9

the costs of the asset 31st March 1982

Question 10

SDLT

Answer 10

Stamp Duty Land Tax is a tax on land transactions

up to £250,000 - 0%
the next £675,000 - 5%

15% SDLT rate for resi property over £500,000 purchased by a non natural person - compnay

Question 11

SDLT - Leases

Answer 11

SDLT is due on the net presnt value at 3.5%