Tx notes fa22 Final

Percentage 
reduction
Over 3 but less than 4 years
20
%
Over 4 but less than 5 years
40
%
Over 5 but less than 6 years
60
%
Over 6 but less than 7 years
80
%
O
ffi
cial rate of interest:
2%
Rate of interest on underpaid tax:
3.25%
Rate of interest on overpaid tax:
0.5%
Annual Exempt Amount
£12,300
Rates of tax
Normal rates
– lower rate
10%
– higer rate
20%
Residential Property rates 
– lower rate
18%
– higer rate
28%
Business Asset Disposal Relief
– lifetime limit
£1,000,000
– Rate of tax
10%
Investors’ Relief
£10,000,000
– Rate of tax
10%

---

11
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
National Insurance (not contracted out rates) 
1. Calculations and workings need only be made to the nearest £.
2. All apportionments should be made to the nearest month.
3. All workings should be shown in Section C.
Standard penalties for errors 
Annual
Class 1
Employee
£1 - £12,570
@
0%
£12,571 – £50,270
@
13.25%
£50,271 and above
@
3.25%
Class 1
Employer
£1 - £9,100
@
0%
£9,101 and above
@
15.05%
Employment allowance
£5,000
Class 1A
15.05%
Class 2
£3.15 per week
Small profits threshold
£12,570
Class 4
£1 - £12,570 per year
@
0%
£12,571 – £50,270 per year
@
10.25%
£50,271 and above per year
@
3.25%