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Flashcards in R03 Question Deck Deck (11)
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1

To what date or dates may property income accounts be drawn up for tax purposes?

5 April or 31 March.

2

If an employer provides a beneficial loan to an employee, what is the basic benefit for tax purposes?

The difference between the interest at the official rate and the actual interest paid

3

Can a French national claim UK personal allowances?

Yes as France is part of the European Economic Area.

4

What is the maximum amount of personal allowance which can be transferred to a spouse or civil partner for 2016/17?

£1,100 (10% of the personal allowance of £11,000).

5

In what way is higher and additional rate tax relief obtained for pension contributions paid net?

By extending the basic and higher rate tax bands by the amount of the gross payment.

6

Are trustees entitled to a personal allowance for trust income?

No

7

What is the rate of tax applicable to discretionary trusts for savings income?

45%

8

If a father sets up a trust for his eight-year-old son that generates £150 income, who is taxed on this?

The father

9

How is Tax Relief received on pension payments into an Retirement Annuity Contract (RAC?)

Tax relief has to be claimed from HMRC via self assessment

10

What are the weekly Primary Contribution Threshold and upper earnings limit for NICs for employees?

£155 and £827.

11

What are the rates of employees’ NICs?

12% and 2%.