Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
14 Cards in this Set
- Front
- Back
|
Melanie bought a painting in a charity shop £40 to turn out to be a well known artist and she sold it 3 years later for £2,000 she had to pay capital gains tax on the game she made. true or false? |
False. Gains are made on chattels (movable objects such as jewellery, antiques and paintings) are exempt from CGT if the value is £6,000 or less |
|
|
For how many years can the annual exempt amount for CGT be carried forward?? |
The CGT annual exempt amount cannot be carried forward at all |
|
|
To qualify for rollover relief, a business must replace an asset not more than 5 years from the date disposal. True or false? |
False. Assets must be replaced within 3 years after the date of disposal. |
|
|
Inheritance tax would be charged on which of the following? |
Inheritance tax would be payable on the total value estate above the available nil rate. |
|
|
Tax on a chargeable lifetime transfer in excess of available nail rate band is payable: |
Immediately at the reduced rate of 20% |
|
|
What kind of taxes, people and shares of purchase electronically? |
Stamp duty reserve tax |
|
|
A company makes an annual profit of 1.2 million. When will the company's corporation tax normally be payable? |
9 months after the end of the relevant accounting period |
|
|
How is capital gains calculated? |
The cost of purchase can be added to the purchase price and the selling price can be deducted from the sale price that's reducing the size of the gain. -What remains is the taxable gain. - apply tax at appropriate rates. |
|
|
What is private residence relief? |
Private residence relief is available when someone sells the property they have lived in as the main only residents. This could be a house, flat, houseboat or a fixed caravan |
|
|
Explain the difference between a potentially exempt transfer and a chargeable lifetime transfer? |
Exempt transfer or when I set a transferred from a person's estate during your lifetime. - chargeable lifetime transfer on which tax at the reduced rate is immediately due. |
|
|
By when must capital gains tax normally be paid on disposal of an asset? |
On January 31st, following the end of the tax year in which the gain is made. |
|
|
In order to claim business asset disposal relief, Alan's shareholding must be worth at least; |
£10,000 |
|
|
The parents and grandparents have agreed to give them money as a wedding gift. How much could they receive about causing any tax problems for themselves or anyone else? |
£40,000 |
|
|
Residents nil rate band (RNRB) |
It's a place to property left to the spouse or direct descendants of the deceased |
