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Hello, Could someone explain to me, in the marginal relief calculation, why the answer is 7/400 x (500,000 – 380,000) Where does the 500,000 come from ?
Thanks.
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(1) Neung Ltd has two associated companies, so the upper limit is reduced to £500,000 (1,500,000/3).
This is correct we divide the limits by the number of associated companies annd for short accounting periods
Review chapter 13 of OT course notes
Hope this helpsAlways be careful with tips-no one knows what will be on the exam other than any aspect of income tax in Q1, corporation tax in Q2 and any area of the very large topic CGT for individuals or companies and 10 marks for any area of VAT!
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yeah, and as regards exam dec 2010 – there is also one point to note – the benefits were tested in quite detail in Q1` – for example childcare benefits (first 55L exempt), accomodation – value greater of Annual value and rent paid by employer, and few others.
@superwoman said:
This is correct we divide the limits by the number of associated companies annd for short accounting periods
Review chapter 13 of OT course notes
Hope this helpsMany thanks, actually this was covered by one of your lectures I looked at, at the weekend, so it all makes sense now.
Can I just say, I am doing Home Study, and I find your lectures superb.- Topics: 0
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be ware of IHT
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