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IMC Unit 1 > Data Taxation in the UK > Flashcards

Data Taxation in the UK Flashcards

1
Q

Personal tax allowance

A

£12,570

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2
Q

The wage at which you begin to loose your PA, rate at which you lose it

A

£100,000, £1 for every £2

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3
Q

Percentage of PA which can be transferred, who can’t

A

10%, higher or additional rate payers

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4
Q

Starting rate for savings at 0%, who can access it

A

£5,000, for those who earn £17,570 or less

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5
Q

Basic tax rate, wage range

A

Up to £37,000

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6
Q

Higher rate, wage range

A

£37,001 - £150,000

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7
Q

Personal savings allowance for basic rate taxpayers

A

£1,000

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8
Q

Personal savings allowance for higher-rate taxpayers

A

£500

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9
Q

Personal savings allowance for additional rate taxpayers

A

none

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10
Q

Additional rate, wage range

A

£150,000<

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11
Q

Basic rate

A

20%

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12
Q

Higher rate

A

40%

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13
Q

Additional rate

A

45%

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14
Q

Dividend tax allowance

A

£2000

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15
Q

Basic rate of tax for dividends

A

8.75%

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16
Q

Higher rate for dividends

A

33,75%

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17
Q

additional rate for dividends

A

39.35%

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18
Q

Capital gains tax exempt amount

A

£12,300

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19
Q

Basic CGT rate

A

10%

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20
Q

Higher CGT rate

A

20%

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21
Q

Basic CGT rate on residential

A

18%

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22
Q

Higher CGT rate on residential

A

28%

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23
Q

Inheritance tax threshold

A

£325,000

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24
Q

IHT rate on excess

A

40%

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25
Q

Corporation tax rate

A

19%

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26
Q

Pensions annual allowance

A

£40,000

27
Q

Income at which pensions allowance is tapered

A

£240,000

28
Q

ISA annual limit

A

£20,000

29
Q

Enterprise Investment Scheme tax relief rate, up to

A

30% up £1,000,000

30
Q

Seed EIS tax relief rate, up to

A

50% up £100,000

31
Q

Venture Capital Trust Relief rate, up to

A

30% up to £200,000

32
Q

Tax year

A

6 April - 5 April

33
Q

Qualifications of an automatic overseas resident. Must have one of three

A
  • Fewer than 16 days in UK in a fiscal year
  • Not been a resident of the UK for 3 years and fewer than 46 days in the UK in a fiscal year
  • Works full time overseas and in the UK for fewer than 91 days
34
Q

Qualifications of automatic UK residency. One of three

A
  • 183 days in UK
  • Main home in UK, avaliable to them for 91 days and used for at least 30 days
  • Works full time in the UK
35
Q

Amount of overseas income before which it is always taxed on a remittance basis, after which the individual can choose between remittance and arising if they are a non dom UK res

A

£2,000

36
Q

Remittance basis charge for an individual who has been a resident of the UK for 7 or the last 9 years

A

£30,000

37
Q

Remittance basis charge for an individual who has been a resident of the UK for 15 or the last 20 years

A

£60,000

38
Q

Installment dates for tax and who has to pay this way

A

31 Jan and 31 July, less than 80% of last years income tax was paid at source

39
Q

Date up until which individuals can ask HMRC to calculate their tax due for free

A

31 Oct

40
Q

Due date for tax returns and payment

A

31 Jan

41
Q

% landlords can get in credit on mortgage payment for a buy to let scheme

A

20%

42
Q

Stamp Duty Reserve Tax, when paid and percentage

A

On purchases over £1,000 its 0.5% to the nearest penny

43
Q

As a first time buyer, no stamp duty on first…. for house purchase up until ….. Remain taxed at … %

A
  • £425,000
  • £625,000
  • 5%
44
Q

Price at which art become CGT chargeable

A

£6,000

45
Q

SDLT on main residence properties up to £250,000

A

0%

46
Q

SDLT on main residence £250,001-£925,000

A

5%

47
Q

SDLT on main residence £925,001-£1,500,000

A

10%

48
Q

SDLT on main residence properties over £1,500,000

A

15%

49
Q

Extra % SDLT charge for additional rental properties

A

3%

50
Q

Extra % SDLT charge for non UK residence

A

2%

51
Q

SDLT on commercial properties up until £150,000

A

zero

52
Q

SDLT on commercial properties £150,001-£250,000

A

2%

53
Q

SDLT on commercial properties above £250,000

A

5%

54
Q

How many years of NI contributions for the state pension

A

35 years

55
Q

If life time transfers into discretionary trusts exceed the nil rate band, what % will they be charged

A

20%

56
Q

IHT exempt gift rate

A

£3,000 a year, carried forward 1 year if not used

57
Q

IHT exempt gifts to bride and groom at marriage

A

£5k

58
Q

Transfers between spouses if 1 is non UK dom IHT taxless limit

A

£55,000

59
Q

If 10% of estate is left to charity what is the IHT rate reduced by for the rest

A

10% to 36% for the remainder of the estate

60
Q

Profits at which point a company must pay corporation tax quarterly

A

£15m

61
Q

Business VAT turnover where it must be registered with HMRC

A

£85,000

62
Q

Available tax free lump sum upon retiring

A

25%

63
Q
A

IMC Unit 1 (3 decks)

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