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Flashcards in 2 Deck (19)
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1

Letting relief is...

LOWER of:
a) PPR relief
b) gain relating to letting: (m let/m blocked)*gain
c) 40,000

2

Normal expenditure is...

A) paid out of income
b) left w/ sufficient income to maintain lifestyle
c) regular pattern of spending

3

Fall in value relief goes...

Before death NRB!

4

Admin costs on houses (death estate)

Restricted to 5%

5

Related property (death estate)

HIGHER of:
a) ignoring related property
b) including related property

6

Valuation of shares (death estate)

LOWER of:
a) marked bargins
b) 1/4 up rule

7

NIC Class 1b

1) gross up gift/entertainment by tax band
2) tax gross amount by 13.8%

8

Chattle rules:
Gain>6k
Cost <6k

gain restricted to: 5/3 x gain

9

Chattle rules:
Gain<6k
Cost >6k

Gain fixed at 6k

10

SDLT Leases

SDLT payable on premium (>150k) + net present value of future lease rental

11

Di minimus step 3...

fraction round UP!

12

VAT Groups

51% control

13

SD Groups

75% direct
75% indirect

14

Group loss groups

75% indirect
75% direct

15

VAT registration

>85k
Must register when sign contract/agree sales or 30 days before threshold breached
VAT charged starting from above date

16

R+D, large company

a) (12%xRD expenditure) add to TTP proforma
b) deduct as tax credit from CT liability

17

Capital R+D expenditure

100% FYA

18

CT Payments/Augmented profit

1)AP: TTP + group div
2) large = 1.5m (x n/12 /51% group co)
extra large = 20m (x n/12 /51% group co)

19

CT payment dates

Small/med: 9m + 1 day after AP
(Extra) Large: instalments, 14th day of 7m from start of AP