Tax Reducers Flashcards
(13 cards)
What are tax reducers?
Certain reliefs given as a deduction from income tax.
What is the marriage allowance (MA) in relation to tax reducers?
Relief given as a tax reducer.
What is the maximum amount for the Enterprise Investment Scheme (EIS) investment?
£1 million.
What is the increased maximum amount for EIS shares in knowledge intensive companies?
£2 million.
What is the tax reducer percentage for EIS shares for the 2024/25 tax year?
30%.
What is the maximum amount for the Seed Enterprise Investment Scheme (SEIS) investment?
£200,000.
What is the tax reducer percentage for SEIS shares for the 2024/25 tax year?
50%.
What is the maximum amount for Venture Capital Trusts (VCTs) investment?
£200,000.
What is the tax reducer percentage for VCT shares for the 2024/25 tax year?
30%.
Fill in the blank: For the EIS, the tax reducer is given as a percentage of the lower of the amount invested or _______.
£1 million.
Fill in the blank: For SEIS, the tax reducer is given as a percentage of the lower of the amount invested or _______.
£200,000.
Fill in the blank: For VCTs, the tax reducer is given as a percentage of the lower of the amount invested or _______.
£200,000.
What order is the deductions set off?
VCT
EIS
SEIS
MCA/Marriage allowance
