F6Chapter12NationalInsuranceContributionampChapter13ComputingChargeableGains

1、f6 chapter 12 national insurance contribution & chapter 13 computing chargeable gainsaccaspace provided by acca research institute copyright ? accaspace4 accaspace 中國acca特許公認(rèn)會(huì)計(jì)師教育平臺(tái) acca f6 taxation (tx) 英國稅法 acca lecturer: sparrow liu copyright ? accaspace accaspace 中國acca特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 2 1 chapte

2、r 12 national insurance contributions contents 2 chapter 13 computing chargeable gains copyright ? accaspace accaspace 中國acca特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 3 chapter 12 national insurance contributions 1. types copyright ? accaspace accaspace 中國acca特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 4 chapter 12 national insurance contributions 2. earnings

3、& earnings period ? earnings salary, wage, bonus excluding benefits ? earnings period- payment interval ( eg. a week/ a month) ? directors tax year copyright ? accaspace accaspace 中國acca特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 5 chapter 12 national insurance contributions example 1: during the tax year 201415, william was p

4、aid a gross annual salary of ?82,700. he also received taxable benefits valued at ?5,400. what amount of class 1 national insurance contributions (nic) will have been suffered by william for the tax year 201415? a ?4,994 b ?8,969 c ?4,886 d ?4,069 (41,865-7,957) x 12% +(82,700-41,866) x 2% =4,886 co

5、pyright ? accaspace accaspace 中國acca特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 6 chapter 13 computing chargeable gains 1. chargeable persons, disposals and assets ? chargeable persons - individuals - companies ? chargeable disposals - sales - gifts (transfer of assets on death x) - loss or destruction ? chargeable assets - exempt

6、 assets( eg. gilt-edged securities) copyright ? accaspace accaspace 中國acca特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 7 chapter 13 computing chargeable gains 2. computation layout ? disposal proceeds x less: incidental disposal proceeds (x) net disposal proceeds x less: allowable costs (x) current gains x less: current loss (x) cu

7、rrent net gains x less: capital loss b/f (x) chargeable gains x less:annual exempt amount (x) taxable gains x copyright ? accaspace accaspace 中國acca特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 8 chapter 13 computing chargeable gains 3. disposal proceeds ? computation opens with proceeds if the sale was to a 3rd party ? if the sale

8、is between “connected person” then market value(mv) must be used. ? connected person are: - relatives (parents/in-law, kids, siblings) - business, eg. controlled co - no spouses copyright ? accaspace accaspace 中國acca特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 9 chapter 13 computing chargeable gains 4. transfer between spouses/civi

9、l partners ? if a married couple transfer assets between themselves there is a no gain / no loss transfer ? the cost of the asset to the spouse originally owning the asset becomes the base cost of the spouse acquiring it ? benefit! - unused annual exempt amount - lower tax rate copyright ? accaspace

10、 accaspace 中國acca特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 10 chapter 13 computing chargeable gains 5. capital loss ? set off against - the same year - carried forward - only take enough loss to bring down to ae level ae ? annual exempt amount ? for individuals copyright ? accaspace accaspace 中國acca特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 11 chapter 13 comp

11、uting chargeable gains example 2: george: gains:?16,000，losses：?6,000 solution: a： b： current gains 14,000 current losses (6,000) net gains 8,000 ae (8,000) taxable gains 0 losses b/f 0 current gains 14,000 current losses (3,000) net gains 11,000 ae (11,000) taxable gains 0 losses b/f 3,000 copyright ? accaspace accaspace 中國acca特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 12 chapter 13 computing chargeable gains 6. tax rate 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 1 2 3 4 150,000 31,865 cg 28% 18% copyright ? accaspace accaspace 中國acca特許公