Tx notes fa22 Final

June 2023 to March 2024 exams
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Authorised mileage allowances: 
All cars 
up to 10,000 miles
45p
over 10,000 miles
25p
Cash basis 
Revenue limit 
£150,000 
Capital Allowances: 
Plant and machinery
Main pool
18%
Special rate pool
6%
Motor cars
New cars with zero CO2 emissions 
100%
CO2 emissions between 1 and 50 grams per kilometre 
18%
CO2 emissions over 50 grams per kilometre 
6%
Annual investment allowance
Rate of allowance 
100%
Expenditure limit 
£1,000,000
Enhanced Capital Allowances for Companies 
Main pool super deduction
130%
Special rate pool first year allowance
50% 
Commercial structures and buildings 
Straight-line allowance
3%
Cap on income tax reliefs 
Unless otherwise restricted, reliefs are capped at the higher of £50,000 or 25% of income.
 
Corporation Tax 
Rate of tax FY 2022
19%
Rate of tax FY 2021
19%
Rate of tax FY 2020
19%
Profit threshold
£1,500,000

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June 2023 to March 2024 exams
Watch free ACCA TX lectures
Value Added Tax 
Inheritance Tax: Tax Rates: 
Inheritance Tax: Taper relief 
Rates of Interest 
Capital Gains Tax - Individuals 
Standard rate
20%
Registration limit
£85,000
Deregistration limit
£83,000
Nil rate band
£325,000
Residence nil rate band
£175,000
Excess
– Death rate
40%
– Lifetime rate
20%
Years before death