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Annie S
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Decks in this class (82)
PT 1 & 2 - Intro to Tax & Calculating Tax
Income is categorised into the fo...,
Some income is exempt from income...,
Child benefit is not taxable alth...
9
cards
PT 3, 4, 5 Taxation of Interest, Dividend & Other Taxable Income
Taxable interest includes interes...,
Savings allowance rules,
Foreign dividends
12
cards
PT6 Relief for Married Couples
The married couple s allowance mc...,
It is given as a tax reducer at 1...,
Civil partners have the same righ...
7
cards
PT7 Deductible Payments
Deductible payments are deducted ...,
The most important type of deduct...,
Qualifying interest includes inte...
4
cards
PT8 Gifts to Charity & P10 Scottish taxpayers
If a charitable donation under th...,
A donation does not qualify for g...,
Gift aid donations can be
8
cards
PT9 Tax Reducers
Certain reliefs are given as a de...,
Eis relief,
Seis relief
7
cards
PT11 Intro to Self Assessment
Deadline for notification of char...,
Miss the 5 october deadline penal...,
When might increased percentage p...
16
cards
PT12 & 13 Payment Dates, Penalties and Further Aspects
When is income tax paid,
When s payment due,
Penalties apply where the payment...
8
cards
PT14 Intro to Property Income
A uk property business is,
When is the cash basis used,
When is the accruals basis used
14
cards
PT 14 b Rent a Room & Property Allowance
Is the 7 500 limit per spouse per...,
Under rent a room what would be t...,
Unde
5
cards
PT15 Property Income - Further Aspects
Overseas property business income...,
Furnished holiday lets are lets w...,
What if longer than 105 days in o...
11
cards
PT16 & 17 INTRO TO EMPLOYMENT INCOME AND BENEFITS + Car Benefits
Employment income means,
Rules for employees,
Rules for directors
15
cards
PT18 - Taxable Benefits - Living Accommodation
Job related accommodation is,
The benefit for rented accommodat...,
If the lease premium is treated a...
7
cards
PT19 Loans to Employees and Use of Assets
If a cheap loan is made to an emp...,
What are the two methods to calcu...,
How is average basis calculated i...
8
cards
PT20 Miscellaneous Benefits
Are vans a taxable benefit,
Vouchers,
Mileage allowances
11
cards
PT21 Expenses of Employment
When will a deduction will be giv...,
Travelling expenses,
Professional fees and subscriptions
7
cards
PT22, 23, 24 PAYE
What is paye,
What is subject to paye,
What s the tax code for
26
cards
PT25 class 1 NICs
Earnings include the following,
How are class 1 nics calculated f...,
Class 1 nics start at what age until
15
cards
PT28 Termination Payments
Under what circumstances are term...,
Under what circumstances are term...,
Ex gratia payments redundancy pay...
6
cards
PT27 Class 1A
Class 1a is taxable on,
What is class 1a paid on,
What if the benefits are put thro...
12
cards
PT27 Treatment of Employment Income Quiz
Cash payments including salary bo...,
Termination payments taxed under ...,
Termination payments taxed under ...
26
cards
PT29 Employed or Self Employed?
An employee is hired under a self...,
Responsibility for determining th...,
In cases of doubt an engager can ...
5
cards
PT30 Pension Schemes
Main two ways of providing funds ...,
Registered pension funds do not pay,
Drawing down on a pension implica...
21
cards
PT 35 EIS Scheme
What are the income tax consequen...,
What are the conditions for subsc...,
What are the income tax consequen...
7
cards
PT35b SIES
Tax relief only given if subscrip...,
Income tax consequences of subscr...,
Whare the conditions for subscrib...
5
cards
PT36 Venture Capital Trusts
What s a qualifying vct company,
A qualifying vct company must inv...,
A qualifying vct company must inv...
11
cards
PT37 Social Investment Tax Relief
Sitr encourages individuals to by...,
Who is eligible for sitr,
Individuals cannot obtain relief ...
11
cards
PT38 Intro to Share Schemes
There are four main types of tax ...,
Share incentive and share option ...,
How are gifts of shares treated
4
cards
PT39 SIPs
How does a sip work,
What types of shares can be award...,
How many free shares can be award...
11
cards
PT40 Save as You Earn Share Option Schemes
What is a save as you earn saye s...,
The employer company must usually...,
Which employees have to be included
9
cards
PT41 CSOPs
Key benefits of a csop,
Main csop conditions,
What are the income tax nic impli...
4
cards
PT42 Non tax advantaged share option schemes
Non tax advantage schemes there i...,
The exercise must be reported to ...,
Amounts charged are subject to pa...
6
cards
PT43 EMIs
Enterprise management incentives ...,
The maximum value of shares in a ...,
To grant emi options the company ...
10
cards
PT43a Share Scheme Quiz
Who can participate in a sip,
Who can participate in a saye,
Who can participate in a csop
16
cards
PT 44 & 45 Restricted Securities & Special Rules
Where shares are awarded to an em...,
Where shares are subject to forfe...,
Where shares are subject to forfe...
14
cards
PT 47 - Residence - the 'Split Year' Rules
A tax year will be split if,
Case 1 splits the year where an i...,
Case 2 splits the year where an i...
11
cards
PT 46 - Residence - The statutory Residence Rules
What are the three parts of the s...,
Under the automatic overseas test...,
What are the automatic uk tests
9
cards
PT 48 - Domicile
What are the three types of domicile,
In establishing whether a new dom...,
Case law has established that to ...
6
cards
PT 50 - Taxation of Foreign Income - General Principles
All individuals pay income tax on...,
Who gets a personal allowance,
Ita 2007 s811 places a limit on t...
10
cards
PT 51 The Remittance Basis
Foreign income is generally taxed...,
A non dom can make a claim for fo...,
How is a remittance basis claim made
9
cards
PT 52 - Remittances and Mixed Funds
A remittance is,
What else is treated as a remittance,
There is no remittance if
11
cards
PT 53 - The Remittance Basis Charge
If the remittance basis is claime...,
If individuals who have been resi...,
If individuals who have been resi...
8
cards
PT54 Business Investment Relief
Business investment relief encour...,
How long do you have to make the ...,
No relief is available if the inv...
8
cards
PT 55 - Overseas Aspects of Employment Income
What are the general rules for ov...,
Earnings will be taxed when,
If the remittance basis is claime...
8
cards
PT 54 - Business Investment Relief
Business investment relief encour...,
Where a qualifying investment is ...,
A qualifying investment is
11
cards
PT 56 - OVERSEAS ASPECTS – PAYE, SHARE OPTIONS AND TRAVEL EXPENSES
Paye should be applied to an empl...,
If an employer does not have a ta...,
There is no requirement to withho...
11
cards
PT 57 - NICs Overseas Aspects
The default position is that a wo...,
Class 1 secondary nics are payabl...,
Special rules apply where a detac...
9
cards
PT 58 & 59 - Double Tax Relief & Double Taxation Treaties
Double tax relief applies where t...,
Unilateral relief allows for fore...,
Unilateral relief the tax credit ...
6
cards
CGT Chapter 1 & 2
Who is chargeable to capital gains,
The concept of a disposal includes,
Exempt assets
9
cards
CGT 4 - Capital Losses
Current year capital losses are o...,
Capital losses on qualifying trad...,
If capital losses exceed gains th...
6
cards
CGT 4 Capital Losses
Current year capital losses are o...,
Capital losses on qualifying trad...,
If capital losses exceed gains
7
cards
CGT 3 - BADR and investors relief
When did the name change from ent...,
When does badr apply,
Two circumstances for badr
22
cards
CGT 5 - Reporting of Capital Gains
Uk residents must report taxable ...,
No online property return is requ...,
For taxpayers who are issued with...
7
cards
CGT 6 Part Disposals
The allowable cost on a part diso...,
With enhancement expenditure,
Small part disposal of land
4
cards
CGT 7&8,9 - Sales & Grants of Leases
A lease is,
A lease is an asset that can be,
What happens if you sell assign a...
12
cards
CGT10 Chattels
Define a wasting chattel and give...,
Non wasting chattels costing and ...,
Proceeds less than 6k but cost mo...
8
cards
CGT 11 Valuation, Connected Persons and Inter-Spouse Transfers
Quoted shares are valued at,
Unit trust units are valued at,
The value of unquoted shares
12
cards
CGT 12 & 13 - Matching Rules & Bonus & Rights Issues
The matching rules for individual...,
The s104 pool is a single asset f...,
The share matching rules apply to...
5
cards
CGT 14 Scrip Issues & Sale of Rights
A scrip dividend is when,
What are the income tax implicati...,
For cgt purposes shares acquired ...
5
cards
CGT15 Takeovers & Reorganisations
A takeover occurs when,
The consideration paid to the ori...,
Share for share exchanges are
10
cards
CGT16 Gilts & QCBs
Companies can issue loan stock to...,
Gilts are both gilts and qcbs are,
Non qcbs are
7
cards
CGT17 Earn Outs & Deferred Consideration
A disposal takes place for cgt wh...,
Cgt can be paid by instalments if,
The taxpayer will be expected to ...
9
cards
CGT 18 Options & other Intangible Assets
Intangible assets are goodwill is a,
The sale of an option,
A grantor has a capital gain on t...
11
cards
CGT 19 - GCT & Employee Share Schemes
For shares from a sip,
For all other share schemes other...,
Badr on disposal of relevant emi ...
7
cards
CGT 26 EIS, SEIS and Social Investment Relief
Eis reinvestment relief,
What s the cap on eis reinvestmen...,
For eis reinvestment relief the a...
14
cards
CGT 27 Gains & Losses on EIS, SEIS, Social Enterprise & VCT Shares
Tax consequences of subscribing f...,
Eis seis shares are deemed to be ...,
Disposal of eis seis shares at a ...
10
cards
CGT 28 Private Residence Relief
How does it work if you re eligible,
Define a private residence,
The amount of the relief availabl...
7
cards
CGT 30 Assets Lost or Destroyed
If an asset is lost or destroyed ...,
The date of the disposal is,
The proceeds are
8
cards
CGT 31 Compensation for Assets Damaged
Compensation received when an ass...,
If the asset is restored the amou...,
If all the compensation is used t...
6
cards
CGT 34 - Non Dom Relief for Capital Losses
Where a uk resident but non domic...,
Where the remittance basis is cla...,
Effect of a s16za election
7
cards
CGT35 Foreign Aspects - Special Rules
Disposals of uk residential prope...,
There are three methods for calcu...,
From ________ non uk residents ar...
12
cards
CGT36 Double Tax Relief
Unilateral double tax relief is a...,
What is the amount of unilateral ...,
Losses and the annual exempt amou...
6
cards
CGT37 Purchase of Own Shares
A purchase of own shares will be ...,
Under the income treatment,
If income distribution the divide...
14
cards
CGT38 Extracting Profits from a Company
If a company makes a profit it ca...,
Remuneration summary,
Extraction by dividend
11
cards
CGT39 Intro to Anti-Avoidance
Tax planning definition,
Tax avoidance implies,
The difference between tax planni...
6
cards
CGT40 Transactions in Securities
Who do the transactions in securi...,
The rules apply where,
Typical arrangements which fall w...
6
cards
CGT 41 Transfer of Assets Abroad
Typical arrangements which fall w...,
When do the transfer of assets ab...,
When do the transfer of assets ab...
8
cards
CGT 42 Transactions in UK Land
There are anti avoidance provisio...,
There are anti avoidance provisio...,
Who are the rules targeted at
11
cards
CGT 43 Value Shifting
Where taxpayers manipulate assets...,
Value shifting is most commonly s...,
Tcga 1992 s29 operates where a pe...
8
cards
CGT3 BADR & Investors relief
Badr was called entrepreneurs rel...,
Business asset disposal relief ba...,
Badr is also available on the dis...
21
cards
IND32 Miscellaneous Provisions
What are the four types of isa,
How much can you invest in an isa,
Junior isas max investment
17
cards
PT33 & 34 Accrued Income Scheme & Beneficiaries of Deceased Estates
The accrued income scheme deals with,
The scheme applies to,
If an investor buys stock cum div...
9
cards
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IND
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