Chapter 1 – example 1

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March 27, 2021 at 2:57 pm #615332
Lyvia-L
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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
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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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