1
Q
Who can contribute into a pension scheme?
A
The individual
any third party on behalf of the individual
2
Q
What are the two conditions for tax relief in a pension scheme?
A
- The pension scheme is a registered scheme
- The individual is in the UK ad aged under 75
3
Q
What is tax relief available on?
A
The lower of…
(1)Total gross pension contributions paid
(2) The higher of of
- 3600
- 100% of the individuals relevant earnings
4
Q
What is the annual allowance?
A
£40,000
5
Q
How can you increase your annual allowance?
A
Bringing forward any unused allowance from the previous three tax years
6
Q
What basis is the annual allowance used?
A
FIFO basis
Taxation ACCA
flashcards
Decks in class (27)
# Cards
-
Chapter 1: The UK tax system0
-
Chapter 2: Basic Income Tax Computation7
-
Chapter 8 - Capital Allowances11
-
Chapter 15 - Taxable total profits45
-
Chapter 16 - Losses for companies15
-
Chapter 18 - Tax administration of a company9
-
Chapter 19 - Computation of gains and tax payable11
-
Chapter 20 - Capital gains (Special rules)16
-
Chapter 21 - CGT - Shares and securities9
-
Chapter 22 - CGT - Reliefs for individuals3
-
Chapter 25 - VAT: Outline87
-
Chapter 26 - VAT: Administration and overseas aspects51
-
Chapter 9 - Basis of Assessment6
-
Chapter 10 - Partnerships3
-
Chapter 11 - Trading losses for individuals19
-
Chapter 12 - National Insurance22
-
Chapter 13 - Tax administration for individuals38
-
Chapter 14 - Intro to Corporation tax12
-
Chapter 15 - Taxable total profits3
-
Chapter 17 - Groups of companies13
-
Chapter 18 - Tax administration of a company19
-
Chapter 19 - Computation of gains and tax payable24
-
Chapter 20 - Computation of gains (Special rules)9
-
Chapter 21 - CGT: Shares and securities for individuals3
-
Chapter 22 - CGT - Reliefs for individuals15
-
Chapter 24 - Inheritance tax40
-
Chapter 6 - Pensions6
