ACCA TX
ACCA Taxation (TX) Flashcards
In what circumstances must a chargeable gain be computed
Explain how to deal with the CGT implications of a gift made by an individual of a chargeable asset
If an individual has a mix of both gains and losses arising
In what circumstances does a chargeable disposal arise for an individual
What tax rates may apply to an individuals’ taxable gains
Capital losses and AEA are deducted from the gains made by a taxpayer in the tax year
By what date must the CGT liability for the 2021/22 tax year be paid assuming no disposals of residential property
When must a payment on account be made on the disposal of a residential property
How is the payment on account calculated
Assuming a taxpayer made no disposals of residential property or assets qualifying for either
If an individual sells a chargeable asset to his daughter for half of its market value of
On what basis are chargeable assets transferred between spouses or civil partners
If a taxpayer disposes of 25% of a plot of land originally purchased at a total cost of
How would you compute a chargeable gain arising on a disposal of a painting for sale proceeds of £7,500
When an individual disposes of shares in a company what is the order in which the shares sold are matched with acquisitions.
When an individual sells shares in a company what conditions need to be satisfied for the sale to qualify for business asset disposal relief
When an individual sells shares in a company what conditions need to be satisfied for the sale to qualify for investors’ relief
When land and buildings are sold at a gain by a business what conditions must be satisfied for the gain to be fully deferred by a claim for rollover relief
How is the gain deferred on a claim for rollover relief
What would happen if the replacement asset was fixed plant and machinery to be used in the trade
What assets qualify for gift relief when an individual makes a gift of that asset
When an individual sells his / her private residence, what periods of non-occupation of the
In what circumstances will IHT become chargeable
How do you compute a transfer of value
What rates of IHT may be chargeable on the death estate
In what circumstances can an IHT charge of 40% made on a lifetime transfer made within 7
What rate of tax above the nil rate band is chargeable on a transfer of value made in lifetime into a discretionary trust and who pays the tax where n
What exemptions may be deducted from a lifetime transfer of value in computing the chargeable transfer figure
What other exemptions are available to fully exempt a lifetime transfer
What are the CGT implications of a taxpayer making a gift in lifetime to his daughter
What are the IHT implications of the above transfer
Card 1 of 31. Question side.