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
