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Principles of Business Taxation ‘Finance Act 2006’ This฀page฀intentionally฀left฀blank Principles of Business Taxation ‘Finance Act 2006’ Chris Jones, BA CTA (Fellow) ATT Amst er dam Bost on Heidelber g London New Yor k Oxf or d Par is San Diego San Fr ancisco Singapore Sydney Tokyo Elsevier But t er wor t h-Heinemann Linacr e House, J or dan Hill, Oxf or d OX2 8DP 30 Cor por at e Dr ive, Bur lingt on, MA 01803 First published 2007 Copyr ight © 2007, Lexis Nexis UK. All r ight s r eser ved The r ight s of Lexis Nexis UK t o be ident if ied as t he aut hor s of t his wor k has been asser t ed in accor dance wit h t he Copyr ight , Designs and Pat ent s Act 1988 No par t of t his publicat ion may be r epr oduced in any mat er ial f or m (including phot ocopying or st or ing in any medium by elect r onic means and whet her or not t r ansient ly or incident ally t o some ot her use of t his publicat ion) wit hout t he wr it t en per mission of t he copyr ight holder except in accor dance wit h t he pr ovisions of t he Copyr ight , Designs and Pat ent s Act 1988 or under t he t er ms of a licence issued by t he Copyr ight Licensing Agency Lt d, 90 Tot t enham Cour t Road, London, England W1T 4LP. Applicat ions f or t he copyr ight holder ’s wr it t en per mission t o r epr oduce any par t of t his publicat ion should be addr essed t o t he publisher Per missions may be sought dir ect ly f r om Elsevier ’s Science and Technology Right s Depar t ment in Oxf or d, UK: phone: (+44) (0) 1865 843830; f ax: (+44) (0) 1865 853333; e-mail: per missions@elsevier .co.uk. You may also complet e your r equest on-line via t he Elsevier homepage (www.elsevier .com), by select ing ‘Cust omer Suppor t ’ and t hen ‘Obt aining Per missions’ British Library Cataloguing in Publication Data A cat alogue r ecor d f or t his book is available f r om t he Brit ish Library Library of Congress Cataloguing in Publication Data A cat alogue r ecor d f or t his book is available f r om t he Libr ar y of Congr ess I SBN 10: 0 7506 8457 7 I SBN 13: 978 07506 8457 6 For inf or mat ion on all Elsevier But t er wor t h-Heinemann publicat ions visit our websit e at ht t p:/ / books.elsevier .com Typeset by I nt egr a Sof t war e Ser vices Pvt . Lt d, Pondicherry, I ndia www.int egr a-india.com Print ed and bound in Great Br it ian Working together to grow libraries in developing countries www.elsevier.com | www.bookaid.org | www.sabre.org CONTENTS Preface ix A: Introduction to the UK Tax System 1 B: Computation of Taxable Trading Profit 7 B1: Tr ading I ncome and t he Badges of Tr ade 7 B2: Adj ust ment of Prof it 14 B3: Capit al V Revenue 23 B4: Capit al Allowances – Def init ion 30 B5: Capit al Allowances – Comput at ion 37 B6: I ndust r ial Buildings Allowances 47 B7: I nt angible Fixed Asset s 64 B8: Resear ch and Development Expendit ur e 73 B9: Tax Law and Account ing Pract ice 84 C: Taxation of Limited Companies 91 C1: Comput at ion of Cor por at ion Tax 91 C2: Associat ed Companies 102 C3: Shor t Account ing Per iods 110 C4: Long Per iods of Account 116 C5: Cor por at ion Tax Self Assessment (CTSA) 125 C6: Payment of Cor por at ion Tax 141 C7: I nt er est on Lat e Paid Tax 151 C8: CTSA Penalt y Regime 156 C9: I ncome f r om Proper t y 161 C10: Loan Relat ionships 167 C11: Relief f or Tr ading Losses 177 C12: Relief f or Ot her Losses 187 C13: Cor por at e Capit al Gains 192 C14: Rollover Relief 201 C15: Shar es and Secur it ies: Mat ching Rules 208 C16: Subst ant ial Shar eholding Exempt ion 223 C17: The Principles of Group Relief 228 C18: Group Capit al Gains 241 C19: Close Company Def init ion 252 vi Cont ent s C20a: Close Company I mplicat ions – Par t 1 261 C20b: Close Company I mplicat ions – Par t 2 266 C21: I nvest ment Companies 271 C22: Cor por at e Vent ur ing Scheme 279 D: Employee Tax Matters 288 D1: Employed or Self Employed? 288 D2: I nt r oduct ion t o Employment I ncome & Benef it s 295 D3: Company Car & Fuel Benef it s 308 D4: Living Accommodat ion – Taxable Benef it s 318 D5: Loans t o Employees & Use of Asset s 325 D6: Miscellaneous Benef it s 335 D7: Expenses of Employment 343 D8: Calculat ing t he I ncome Tax Liabilit y 353 D9: I nt r oduct ion t o PAYE 360 D10: PAYE End of Year Ret ur ns 369 D11: Class 1 Nat ional I nsur ance Cont r ibut ions 376 D12: Class 1A and 1B Nat ional I nsur ance Cont r ibut ions 388 D13: Ter minat ion Payment s 396 D14a: Occupat ional Pensions and Fur bs 408 D14b: The Ent er pr ise I nvest ment Scheme 417 E: Value Added Tax 423 E1: Over view of t he VAT Syst em 423 E2: Regist r at ion 432 E3: Def init ion of Supplies 444 E4: Liabilit y of t he Supply 451 E5: Schedule 8 VATA 1994 – Zer o Rat ing 455 E6: Schedule 9 VATA 1994 – Exempt ions 463 E7: Deemed Supplies 470 E8: Value of t he Supply 481 E9: Time of Supply 489 E10a: I nput Tax: When t o Recover 496 E10b: Par t ial Exempt ion 511 E11: VAT Recor ds and Ret ur ns 527 E12: Account ing f or VAT 539 E13: Bad Debt Relief 551 E14: Cont r ol Visit s, Appeals and Assessment s 559 E15a: Misdeclar at ion Penalt y 571 Cont ent s vii E15b: Lat e Regist r at ion Penalt y 577 E15c: Def ault Sur char ge 583 E15d: Repeat ed Misdeclar at ion Penalt y 590 E15e: Ot her Penalt ies, I nt er est and Mit igat ion 596 E16: Ref unds, Repayment Supplement and I nt er est 611 This฀page฀intentionally฀left฀blank PREFACE This book pr ovides all t he mat er ial you need f or t he CI MA Prof essional Development Certificate in Business Taxation. Within each chapter you will find some examples for you t o try, t o t est you on t he impor t ant r ules cover ed in t he chapt er . At t he end of each chapt er , t her e is a short summar y which cont ains a “pocket digest ” of t he r ules cover ed wit hin t he chapt er . These individual summar ies f or m a compr ehensive over view of t he syllabus. As t his manual has been wr it t en specif ically t o cover all ar eas of t he syllabus we ar e conf ident you will f ind t his an invaluable t ool leading t o success in t he examinat ion. This฀page฀intentionally฀left฀blank CIMA TAX TABLES Income Tax rates 2006-07 2005-06 % % Starting rate 10 10 Basic rate 22 22 Higher rate 40 40 £ £ Starting rate band 1 - 2,150 1 - 2,090 Basic rate band 2,151 - 33,300 2,091 - 32,400 Income Tax reliefs 2006-07 2005-06 £ £ Personal allowance 5,035 4,895 Income Tax – Pension contributions Annual Lifetime allowance allowance £ £ 2006-07 215,000 1,500,000 2007-08 225,000 1,600,000 2008-09 235,000 1,650,000 2009-10 245,000 1,750,000 2010-11 255,000 1,800,000 Basic amount qualifying for tax relief £3,600 Company cars and fuel Company cars Cash equivalent 15% of list price for cars emitting 140g/km Increased by 1% per 5g/km over the 140g/km limit Capped at 35% of list price 3% supplement on diesel cars not meeting the Euro IV emission standards or registered after 1 January 2006 (subject to 35% cap) Van scale charge £500 (reduced to £350 if more than four years old at the end of the fiscal year). There is no taxable benefit where an employee takes a van home but is not allowed any other private use. Fuel scale benefits For 2006-07 (& 2005-06) the benefit is £14,400 multiplied by the percentage used in calculating the car benefit (i.e. based on carbon dioxide emission rating). xii CI MA Tax Tables Small and medium sized enterprise limits Small Medium (i) Turnover £5.6m £22.8m (ii) Balance sheet assets £2.8m £11.4m (iii) Employees 50 250 Corporation Tax Financial year 2006 2005 Full rate 30% 30% Small companies' rate 19% 19% Starting rate – 0% Profit limit for lower rate – £10,000 Profit limit for lower rate marginal relief – £50,000 Profit limit for small companies' rate £300,000 £300,000 Profit limit for small companies' marginal relief £1,500,000 £1,500,000 Marginal relief fraction for profits between £10,000 and £50,000 – 19/400 Marginal relief fraction for profits between £300,000 and £1,500,000 11/400 11/400 For FY 2005 there is a minimum corporation tax charge of 19% on PCTCT distributed to non corporate shareholders.
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