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Answer to Example 10
John’s son: Base cost of shares
(W1)
Gain eligible for Gift holdover relief
The shares in the unquoted trading company will qualify for gift holdover relief but as £100,000 of
chargeable assets are investments the relief is restricted as follows:
£
John’s Proceeds (market value)
800,000
Less: cost
(200,000)
Capital Gain
600,000
Less gift holdover relief (W1)
(525,000)
Revised gain eligible for business asset disposal relief
75,000
Less AEA
(12,300)
Taxable gain
62,700
CGT @ 10%
£6,270
Cost (Market value)
800,000
Less: Gain deferred
(525,000)
Base cost
275,000
600,000 x
700,000
= 525,000
800,000
265
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Answer to Example 11
£
Disposal proceeds
150,000
less cost
(10,000)
Capital gain
140,000
less PRR (W1)
(74,851)
Chargeable Gain
65,149
(W1)
Actual &
Deemed
Occupation
(months)
Absent
(months)
1/4/1997 – 30/6/1997
(actual)
3
1/7/1997 – 30/6/1999
(working overseas)
24
1/7/1999 – 31/12/2005 (actual)
78
1/1/2006 – 30/6/2022
(4 years work in UK/last 9months)
57
141
162
141
PRR =
162
x 140,000
=
74,851
303
266
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Answer to Example 12
W2
Letting Relief: Lowest of:
(i)
224,921
(ii)
40,000
£
Disposal proceeds
420,000
Less cost
(160,000)
Capital Gain
260,000
Less PRR (W1)
(230,351)
29,649
Less Letting relief (W2)
(29,649)
Chargeable Gain
0
(W1)
Exempt
months
Chargeable
months
TOTAL
1/11/2011 – 30/4/2017
66
66
(actual occupation)
1/5/2017 - 1/8/21
34
17
51
(1/3 let 2/3 occupation)
1/8/2021 - 1/5/22
(last 9 months)
9
9
109
17
126
PRR =
109
x 260,000
=
224,921
126
(iii)
17
×
260,000 = 35,079
126
267
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Chapter 15
Answer to Example 1
The payments on account for 2022/23 will be based on the tax payable by self assessment and the
class 4 (NIC) liability in 2021/22.
Due dates:
31/1/2023
13,000/2
= £6,500
31/7/2023
13,000/2
= £6,500
The Balancing payment for 2022/23 is made up as follows:
The payments on Account for 2023/24 will be based on the income tax payable by self assessment
and class 4 NIC liability in 2022/23:
31/1/2024
(12,000 + 2,500)/2
= 7,250
31/7/2024
= 7,250
Total payment to be made on 31 January 2024 is 10,450 (3,200 + 7,250)
£
Total income tax liability
14,000
Less tax deducted at source
(2,000)
Income tax payable by self assessment
12,000
Class 4 NIC liability
2,500
Capital Gains tax
1,700
less Payments on Account
(13,000)
Balancing Payment due 31/1/2024
3,200
268
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Chapter 16
Answer to Example 1
Corporation tax computation: 12 months ended 31 March 2023
Note: Dividends from other companies (UK or overseas) are exempt and therefore are ignored when
calculating Taxable Total Profits
Tax adjusted trading profits
1,456,500
Property income
25,000
Interest receivable
10,000
Chargeable gains
37,500
Less: Capital losses
(2,500)
35,000
1,526,500
Less: Qualifying charitable donations
(10,000)
Taxable Total Profits
1,516,500
269
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Chapter 17
Answer to Example 1
Capital Allowance computations
Note 1
The vans purchased were not new and therefore there is no 130% FYA claim available, but a claim
for AIA is available.
12 months
to
31/3/2023
3 months
to
30/6/2023
£
£
Adjusted profit (12 : 3)
3,200,000
800,000
Less: CA (W1)
(68,000)
(540,000)
Tax adjusted trading profit
3,132,000
260,000
Chargeable Gain (6/5/2023)
–
80,000
Qualifying charitable donations (31/7/2022)
(20,000)
–
Taxable Total Profits
3,112,000
340,000
Corporation Tax @ 19%
£591,280
£64,600
£
12 months to 31 March 2023
AIA 100% x £68,000 (note 1)
(68,000)
3 months to 30 June 2023
130% FYA (£200,000 @ 130%)
(260,000)
Special rate pool (AIA max 3/12 x £1m)
AIA (100% x £250,000)
(250,000)
FYA (50% x £60,000)
(30,000)
(540,000)
270
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Chapter 18
Answer to Example 1
Current year relief
Answer to Example 2
y/e
31/3/23
£
Trading profit
NIL
Interest receivable
20,000
Chargeable gain
50,000
Total Profits
70,000
Current year relief
(45,000)
25,000
Qualifying charitable donations
(15,000)
Taxable Total Profits
10,000
y/e 31/3/21
y/e 31/3/22
y/e
31/3/23
£
£
£
Trading profit
30,000
60,000
NIL
Interest receivable
10,000
10,000
10,000
Total Profits
40,000
70,000
10,000
Current year relief
(10,000)
(i)
Carry back relief
(70,000)
(ii)
Taxable Total Profits
40,000
0
0
Loss memorandum
Loss arising
y/e 31/3/2023
90,000
Current year relief
y/e 31/3/2023
(10,000)
(i)
Carry back relief
y/e 31/3/2022
(70,000)
(ii)
Available to carry forward
10,000
271
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Answer to Example 3
W1
The capital loss of £1000 is c/f to set o
ff
against the £6000 gain of next AP.
W2
Qualifying charitable donations are unrelieved (wasted).
Loss memorandum
The loss carried forward may be set o
ff
against any part of the future total profits of the company.
y/e
31/3/22
9m to
31/12/202
2
y/e
31/12/202
3
£
£
£
Trading profit
25,000
20,000
–
Interest Income
3,000
1,000
1,000
Chargeable Gain
NIL (W1)
5,000 ( W
1)
–
Total Profits
28,000
26,000
1,000
Current year relief
(1,000)
Carry back relief (3/12 x 28,000)
(7,000)
(26,000)
21,000
0
0
Less Qualifying charitable donations
(500)
(500) ( W
2)
(500) (W2)
Taxable Total Profits
20,500
–
–
Trading loss
y/e 31/12/2023
40,000
Current year claim 31/12/2023
(1,000)
39,000
Carry back to 9m to 31/12/2022 & 3m of y/e 31/3/2022 (26,000 + 7,000)
(33,000)
Carry forward
6,000
272
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Answer to Example 4
y/e
30/9/19
6
months
31/3/20
y/e
31/3/21
y/e
31/3/22
y/e
31/3/23
£
£
£
£
£
Trading profit
10,000
16,000
20,000
32,000
–
Interest income
2,000
–
2,000
2,000
2,000
Chargeable Gain
–
–
6,000
–
8,000
12,000
16,000
28,000
34,000
10,000
Current year relief
(10,000)
Carry back relief
(6,000)
(16,000)
(28,000)
(34,000)
–
Qualifying charitable donations
(500)
–
–
–
–
Taxable Total Profits
5,500
–
–
–
–
Qualifying charitable donations unrelieved
500
500
–
Loss memorandum
£
Loss arising y/e 31/3/2023
97,000
Current year relief
y/e 31/3/2023
(10,000)
Carry back relief y/e 31/3/2022
(34,000)
Carry back relief y/e 31/3/2021
(28,000)
Carry back relief 6m to 31/3/2020
(16,000)
Carry back relief y/e 30/9/2019 £12,000
×
6/12 = £6,000 maximum set o
ff
(6,000)
Loss unrelieved
3,000
273
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