Introduction to the tax system Flashcards
(3 cards)
1
Q
Categories of income
A
Trading income
Property income - UK and non-UK
Employment income
Savings and investment - interest, dividend income
Foreign income
Miscellaneous income
2
Q
Exempt income
A
Interest from National Savings (NS&I) Certificates
Premium bond winnings
Income from betting and lottery
Many social security benefits
Income from ISAs
Maintenance payments
Dividends paid in the first 200k of Venture Capital Trust shares acquired in a tax year
3
Q
Child benefit
A
Not taxable but high income child benefit charge applies if adjusted net income over 60k
