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Chapter 1 – example 1

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Chapter 1 – example 1

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  • March 27, 2021 at 2:57 pm #615332
    Lyvia-L
    Member
    • Topics: 2
    • Replies: 0
    • ☆

    Hi Tutor,

    Q1. (e) Co. sells factory for £750,000 bought for £250,000 3 years ago.

    My answer corp. tax + capital gains tax

    Why isn’t capital gains tax charged in the answer? Factory is an asset.

    Q2. NI — employers pay NI for their employees even employees pay their own NI already? Are they the same amount?

    Thanks
    Ly

    March 27, 2021 at 5:00 pm #615341
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Q1. No – companies do not pay CGT – see study notes chapter 1, page 1, section 2
    Q.2 No they are not the same amount – and the details of NIC will be dealt with later in your studies in chapter 11

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