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Every January, Tax Year End comes around like clockwork. And at the same time, the M&G 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?
Learning outcomes
By the end of this session, you will be able to:
Claiming your CPD
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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
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