BPT Income tax mindmap OLD

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  • Created by: haylz123
  • Created on: 27-02-16 21:36
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  • Income tax & NICs
    • Income tax computation
      • 3 types of taxable income
        • Savings
        • Dividend
        • Non-savings
      • IT liability = before tax deducted at source
      • IT payable = after tax deducted at source
      • Qualifying loan interest
      • Personal allowance = £10,600
    • NICs
      • Class 1A - employers
      • Class 1 secondary - employers
      • Class 1 primary - employee
      • Class 1B - employers
      • Class 2 & 4 - self-employed
    • Venture capital trust
      • Income tax
        • Quoted company
        • Max £200k investment
        • 30% relief
        • Clawback if sold within 3 years
      • Capital gains tax
        • Exempt
    • Seed enterprise investment scheme
      • Income tax
        • 50% relief
        • Max £100k investment
        • Carry back one year possible
        • Very small unquoted trading company
        • Clawback if sold < 3 years
      • Capital gains tax
        • Gains exempt if held > 3 years
        • Losses allowed but restrict by SEIS relief obtained and not repaid
        • Exemption of other gains if invest in SEIS shares - lower of capital gain and 50% of cost of SEIS shares
    • Rent a room relief
      • First £4,250 = exempt
    • Enterprise investment scheme
      • Income tax
        • Carry back one year possible
        • Max £1m investment
        • Clawback if sold < 3 years
        • Small unquoted trading company
        • 30% relief

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