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
Ask the Tutor ACCA TX-UK
Chapter 1 - example 1
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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