8. Business Sales II Flashcards
(5 cards)
1
Q
when will CGT be charged on assets
A
10% on any gains qualifying for business asset disposal relief
10% onf any gains below any unused portion of sellers basic rate income
20% on remaining gains exceeding basic rate tax
2
Q
When does business asset disposal relief realise
A
there is a qualifying business disposal
gain arising from QBD is reduced by any losses made as part of the disposal
net gain remains after taking losses is charged only at 10%
3
Q
CGP when co is liquidated
A
SH are treated as disposing of shares and liable to CGT on resultant gain
4
Q
what must sh pay if they receive pre- liquidation dividend
A
income tax on gross dividend
5
Q
when is VAT chargeable
A
on taxable supplies of goods and services
