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Everything you ever wanted to know about tax year end
Last Updated: 18 Jan 24 90 min read
Every January, Tax Year End comes around like clockwork. And at the same time, the M&G Wealth Technical Team start to receive a myriad of questions with a specific tax year end slant…
How does pension tax relief interact with the annual allowance? Who needs to self-assess? How does the annual exemption for Inheritance Tax (IHT) work? Can you help me understand more about bed and breakfasting?
Les Cameron (Head of Technical, M&G Wealth)
Barrie Dawson (Technical Manager, M&G Wealth)
On this event, Les Cameron, Head of Technical at M&G Wealth, answered all of these questions and more - covering everything you need to understand and be aware of to get yourself through tax year end.
90 minute video (approximately) I Structured CPD accredited by CII and CISI
Learning outcomes
By the end of this session, you will be able to:
- Explain the operation of pension tax relief
- Describe the interaction of annual allowance with pension tax relief
- Identify clients who could benefit from better than marginal rate relief
- Describe the operation of the key Capital Gains Tax (CGT) and IHT
Claiming your CPD
To claim your CPD certificate, test your knowledge with the questions below.
Write down your answers to each of the following questions and check your answers when you click to claim your CPD certificate on the link below
1. Bob has a salary of £90,000 and no annual allowance to carry forward. He is entitled to the standard annual allowance. How much can he pay in gross and get tax relief?
a) £48,000
b) £90,000
c) £60,000
d) £40,000
2. An employers pension contribution gets tax relief in the accounting period in which:
a) The pension scheme receives it
b) The pension scheme invests it
c) The amount is paid from the company bank account
d) When it’s cleared by the local inspector of taxes
3. Lisa has a £10,000 salary and £70,000 dividends, what would her rate of tax relief be if she paid in £5,000
a) 20%
b) 8.5%
c) 33.75%
d) 45%
4. Sonny and Cher have never given any money away, how much could they definitely give away now exempt from IHT?
a) £12,000
b) £9,000
c) £6,000
d) £3,000
5. Regarding CGT, what is correct?
a) Realised losses can be carried forward indefinitely
b) In-year losses are deducted after the annual exempt amount
c) Unused annual exemptions can be carried forward for 2 years only
d) The annual exemption is aligned to the income tax personal allowance
1. Bob has a salary of £90,000 and no annual allowance to carry forward. He is entitled to the standard annual allowance. How much can he pay in gross and get tax relief?
a) £48,000
b) £90,000
c) £60,000
d) £40,000
2. An employers pension contribution gets tax relief in the accounting period in which:
a) The pension scheme receives it
b) The pension scheme invests it
c) The amount is paid from the company bank account
d) When it’s cleared by the local inspector of taxes
3. Lisa has a £10,000 salary and £70,000 dividends, what would her rate of tax relief be if she paid in £5,000
a) 20%
b) 8.5%
c) 33.75%
d) 45%
4. Sonny and Cher have never given any money away, how much could they definitely give away now exempt from IHT?
a) £12,000
b) £9,000
c) £6,000
d) £3,000
5. Regarding CGT, what is correct?
a) Realised losses can be carried forward indefinitely
b) In-year losses are deducted after the annual exempt amount
c) Unused annual exemptions can be carried forward for 2 years only
d) The annual exemption is aligned to the income tax personal allowance
Before collecting your certificate, please take a moment to provide us feedback on this session, please email prudential.distribution.team@prudential.co.uk
Complete the form below and we’ll email your CPD confirmation to you. Please use the email address that you would usually use when contacting us.
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