Taxation of Non Savings, Savings and Dividend Income – ACCA Taxation (TX-UK) Exam FA2019
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Good day,
at the accrued income scheme, the notes talked about the purchaser and the difference balance which will be assessed but what about the seller since we said no CGT on disposal and that’s it ?
If anyone can answer me, it will be appreciated.
Thanks
Ahmed
Hey Ahmed,
Let’s say the security is sold at month 5 as stated in the notes, then the seller will be pay tax for the accrued interest for the 5 months, and the buyer will pay tax for the remaining months till the tax year ends.
My opinion!
First of all, I would like to express my full gratitude, thanks and appreciation for the tremendous effort made by the entire team of OPENTUITION. And I would like to draw your attention that, for example # 5, I think that the answer to the question is 2800 (with all my respects to the instructor as human mistakes happens with everyone), so I kindly ask you to comment on this because it is of benefit to everyone.
With all my Respect & warm Regards
Agree. £200 Non -Saving Income Tax liability
Add: £2600 Saving Income Tax Liability
——-
£2800. Total Income Tax Liability
Agree, so it is shall be 2,800
Thank you sir for the wonderful class
Example 5 needs to be clarified as you have said total is 2600 but have explained the 1000 is taxed at 20% which total 2800
I agree to the same, Example 5 needs clarification, £1000 is taxed at 0% therefore the total will be 2600 which looks right then.
@Dhanwanti You’re just contradicting your own statement there!