ACCA P6笔记.docxVIP

Income Tax Employment income Salary and bonus Benefit Exempted benefit Car parking Provision of buses,bicycle Entertainment and gifts from third party up to 250 Child care cost up to 55 per week(28 for higher taxpayer,25 for additional taxpayer) Relocation and removal up to 8,000 Beneficial interest rate for Loan 10,000 Taxable benefit Living accommodation: Higher of i) annual value ii) rent (Cost- 75,000)*3% Company car and fuel benefit: Max 37%,additional 3% for diesel car Share option Unapproved:IT on exercise(MV-cost); CG on disposal(proceeds-MV) Approved: CG on disposal(Proceeds-cost) Approved: COSP;EMI;SAYE(all employee);SIP(all employee) Allowable deduction Expense wholly,exclusively,necessarily Contribution of employer’s pension Subscription to professional bodies Travel Deficit on mileage allowance payment Redundancy payment:first 30,000 exempt Trading Income Capital allowance The small pool WDA=1,000 Special rate pool-8% Long life asset( 25yrs and 100,000) Integral features of building or structure Thermal insulation of building High emission cars130 g/km FYA-100% for new low emission car=75 g/km Year rule 1st year :-5 Apr 2nd year: 12 mth-CYB Less than 12 mth-the first 12 month More than 12 mth-last 12 month No accounting period-6 Apr to 5 Apr Change of year: less than 12 mth/more than 12 mth-base period should be 12 mth Loss relief Opening year loss: i)first 4 yrs ii)set loss against total income in 3 preceding yrs,ealier year first. Terminal year loss: Against last 3 year TRADING INCOME in LIFO 6 Apr-cessation date(ignore if profit) Overlap profit 12mth before cessation -5Apr before cessation((ignore if profit) Last year relief against i) total income in last year and/or preceding year ii)then CG in last year and/or preceding year Ongoing loss relief against i)total income in current year and/or preceding year ii)then CG in current year and/or preceding year ii)carry forward for trading income Incorporation relief 1)transfer to company ii) w