Chargeable Transfers
20/11/16 15/7/17
8/12/2021
PET
CLT
PET
Transfer of value
40,000
405,000
184,000 (W1)
Less: Exemptions
Marriage
(5,000)
AE 2016/17
(3,000)
AE 2015/16
(3,000)
AE 2017/18
(3,000)
AE 2021/22
(3,000)
AE 2020/21
(3,000)
29,000
402,000
178,000
Before transfer (16,000 @ £25) =
400,000
After transfer (12,000 @ £18) =
(216,000)
184,000
£
Gross
Transfers
IHT
15/7/2017
CLT
402,000
421,250
19,250
325,000 @ nil
= nil
77,000 @ 25%
= 19,250
402,000
287
Only on
OpenTuition
you can find: Free ACCA notes
•
Free ACCA lectures
•
Free ACCA tests
•
Free ACCA tutor support
•
The largest ACCA community
June 2023 to March 2024 exams
Watch free ACCA TX lectures
Additional IHT on Lifetime Transfers Chargeable on Death – April 1, 2023
Chargeable Estate at Death – April 1, 2023.
Gross
Transfers
IHT
20/11/2016 PET
29,000
nil
15/7/2017
CLT
421,250
50,100
Available nil rate band (325,000 - 29,000) = 296,000
296,000 @ nil
= nil
450,250
125,250 @ 40% = 50,100
421,250
Less:
Taper Relief (60%) (5-6 years)
(30,060)
20,040
Less:
Lifetime tax paid
(19,250)
Additional tax due on death
790
8/12/2021
PET
178,000
71,200
178,000 @ 40% =71,200
628,250
Main Residence
300,000
Less:
Repayment Mortgage
(80,000)
220,000
Holiday Home
140,000
Bank & Building Society Deposits
230,000
ISA’s
50,000
Shares (12,000 @ £20)
240,000
Life Assurance
140,000
1,020,000
Less:
Debts
6,000
Funeral Expenses
6,000
(12,000)
1,008,000
Less:
Exempt bequest to spouse
(250,000)
Chargeable Estate
758,000
Gross Chargeable Transfers in 7 years before death
628,250
Nil Rate Band fully used but residence nil rate band available as main residence left to direct
descendant:
175,000 @ nil
583,000 @ 40%
£233,200
288
Only on
OpenTuition
you can find: Free ACCA notes
•
Free ACCA lectures
•
Free ACCA tests
•
Free ACCA tutor support
•
The largest ACCA community
June 2023 to March 2024 exams
Watch free ACCA TX lectures
Chapter 25
Answer to Example 1
(a)
Orchid Ltd will become liable to compulsory VAT registration when its taxable supplies during
any 12-month period exceed £85,000.
The taxable supplies for the first 12 months of trading to 31 May 2023 amount to only 64,400
so we now move forward adding in the next month, June 2023 and removing the sales of what
is now 13 months ago, June 2022, as this revised 12 month total is only 72,300 compulsory
registration is still not required. When we move forward to the end of July 2023, however
taxable supplies will amount to £86,000 (4,300 + 5,100 + 4,700 + 4,700 + 4,900 + 4,800 +
6,000 + 6,100 + 7,900 + 8,200 +11,800 + 17,500).
(b)
Orchid Ltd will have to notify HMRC by 30 August 2023, being 30 days after the end of the
period.
(c)
The company will be registered from 1 September 2023 or from an agreed earlier date.
Dostları ilə paylaş: |
