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;
4 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
When is gift relief available? |
On transfer of 1. Assets used in trade 2. Personal company (5%) in trading company 3. Unquoted shares in trading company
Calculated by subtracting the gain from the transferee's cost to arrive at the base cost.
PROCEEDS (MV) 100 COST (50) GAIN 50 GIFT RELIEF (50)
Base Cost:
COST FOR TRANSFEREE 100 GIFT RELIEF (50)
Also on sale at undervalue:
PROCEEDS (MV) 100COST (50)GAIN 50GIFT RELIEF (30) - balancing figure Gain 20
Actual Proceeds 70 Cost (50) Gain 20 |
APU |
|
|
Substantial shareholder exemption |
Trading company Twelve / Twenty-four months Ten %
|
4 x T |
|
|
Sets of wasting chattels |
Total proceeds for both > 6,000 Total cost of both as paid < 6,000 Apply 5/3 rule :
Work out actual gain by taking proceeds for that asset and apportioning cost based on value at first sale
Or if lower :
Total proceeds - 6,000 * 5/3 : apportioned on sales proceeds received
Lower is taxed as gain |
|
|
|
PPR relief |
3 years Any reason (3A) 4 years UK work (4U) Unlimited working abroad (U-WA) Rent relief: lowest of -total PPR given -gain when let -40k |
|
