| Answer | % Correct | |
|---|---|---|
| Form of income | dividend | 75%
|
| Form of income | employment | 75%
|
| Form of income | interest | 75%
|
| potentially less | marriage allowance | 75%
|
| less: | personal allowance | 75%
|
| Form of income | property | 75%
|
| potentially add | child benefit tax charge | 50%
|
| = | income tax liability | 50%
|
| = | income tax liability | 50%
|
| = | income tax payable | 50%
|
| = | net income | 50%
|
| use tax rates for: | NSI SI DI | 50%
|
| = | taxable income | 50%
|
| potentially add | tax on transition profits | 50%
|
| = | total income | 50%
|
| Form of income | trading | 50%
|
| potentially less | double tax relief (lower of overseas tax and UK tax) | 25%
|
| less: | gifts of assets to charity | 25%
|
| less: | qualifying loan interest | 25%
|
| less: | tax deducted at source (PAYE) | 25%
|
| potentially less | relief for finance costs on residential property income | 0%
|