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1、F6 Chapter 12 National Insurance Contribution & Chapter 13 Computing Chargeable GainsACCAspace Provided by ACCA Research Institute Copyright ? ACCAspace4 ACCAspace 中国ACCA特许公认会计师教育平台 ACCA F6 Taxation (TX) 英国税法 ACCA Lecturer: Sparrow Liu Copyright ? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 2 1 Chapte
2、r 12 National insurance contributions Contents 2 Chapter 13 Computing chargeable gains Copyright ? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 3 Chapter 12 National insurance contributions 1. Types Copyright ? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 4 Chapter 12 National insurance contributions 2. Earnings
3、& earnings period ? Earnings salary, wage, bonus excluding benefits ? Earnings period- payment interval ( eg. a week/ a month) ? Directors tax year Copyright ? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 5 Chapter 12 National insurance contributions Example 1: During the tax year 201415, William was p
4、aid a gross annual salary of ?82,700. He also received taxable benefits valued at ?5,400. What amount of class 1 national insurance contributions (NIC) will have been suffered by William for the tax year 201415? A ?4,994 B ?8,969 C ?4,886 D ?4,069 (41,865-7,957) x 12% +(82,700-41,866) x 2% =4,886 Co
5、pyright ? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 6 Chapter 13 Computing chargeable gains 1. Chargeable persons, disposals and assets ? Chargeable persons - Individuals - Companies ? Chargeable disposals - Sales - Gifts (transfer of assets on death X) - Loss or destruction ? Chargeable assets - Exempt
6、 assets( eg. Gilt-edged securities) Copyright ? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 7 Chapter 13 Computing chargeable gains 2. Computation layout ? Disposal proceeds X Less: Incidental disposal proceeds (X) Net disposal proceeds X Less: Allowable costs (X) Current gains X Less: Current loss (X) Cu
7、rrent net gains X Less: Capital loss b/f (X) Chargeable gains X Less:Annual exempt amount (X) Taxable gains X Copyright ? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 8 Chapter 13 Computing chargeable gains 3. Disposal proceeds ? Computation opens with proceeds if the sale was to a 3rd party ? If the sale
8、is between “connected person” then market value(MV) must be used. ? Connected person are: - Relatives (parents/in-law, Kids, Siblings) - Business, eg. controlled co - No spouses Copyright ? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 9 Chapter 13 Computing chargeable gains 4. Transfer between spouses/civi
9、l partners ? If a married couple transfer assets between themselves there is a No Gain / No loss transfer ? The cost of the asset to the spouse originally owning the asset becomes the base cost of the spouse acquiring it ? Benefit! - Unused annual exempt amount - Lower tax rate Copyright ? ACCAspace
10、 ACCAspace 中国ACCA特许公认会计师教育平台 10 Chapter 13 Computing chargeable gains 5. Capital loss ? Set off against - The same year - Carried forward - Only take enough loss to bring down to AE level AE ? Annual exempt amount ? For individuals Copyright ? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 11 Chapter 13 Comp
11、uting chargeable gains Example 2: George: Gains:?16,000，losses：?6,000 Solution: A： B： Current gains 14,000 Current losses (6,000) Net gains 8,000 AE (8,000) Taxable gains 0 losses b/f 0 Current gains 14,000 Current losses (3,000) Net gains 11,000 AE (11,000) Taxable gains 0 losses b/f 3,000 Copyrigh
12、t ? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 12 Chapter 13 Computing chargeable gains 6. Tax rate 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 1 2 3 4 150,000 31,865 CG 28% 18% Copyright ? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 13 Chapter 13 Computing chargeable gains Copyright ? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 14 Chapter 13 Computing chargeable gains ACCAspace Provided by ACCA Research Institute