Solution manual for Taxation Finance Act 2022 28th Edition by Alan Melville ISBN 1292439491 9781292439495

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Solution manual for Taxation Finance Act 2022 28th Table of contents:

Part 1 Income Tax and National Insurance

1 Introduction to the UK tax system

UK taxes

Sources of tax law

The tax year

Structure of HM Revenue and Customs

Administration of the tax system

Self Assessment

Appeals

Tax evasion and tax avoidance

Making Tax Digital for income tax

The HMRC Charter

2 Introduction to income tax

Taxable persons

Classification of income

Exempt income

Structure of an income tax computation

Married couples and civil partners

Rates of income tax for 2022-23

Income taxed at source

Savings income

Dividend income

Allocation of the personal allowance

3 Personal allowances

Personal allowances for 2022-23

The personal allowance (PA)

Blind person’s allowance (BPA)

Tax reducers

Married couple’s allowance (MCA)

4 Payments and gifts eligible for tax relief

Payments and gifts deductible from total income

Eligible interest payments

Annual payments

Gifts of shares or property to charity

Payments which are tax reducers

Maintenance payments

Loans used to purchase a life annuity

Gifts of pre-eminent property to the nation

Gift Aid

5 Income from property

Definition of property income

Basis of assessment and allowable expenditure

Capital expenditure

Losses

Lease premiums

“Rent-a-room” relief

Furnished holiday lettings (FHL)

6 Income from savings and investments

Interest received

Dividends received

Tax-efficient investments

Individual Savings Accounts

Enterprise Investment Scheme

Venture Capital Trusts

Child Trust Funds

Income from trusts and settlements

Miscellaneous income

7 Income from employment (1)

Employment and self-employment

Basis of assessment

Employment income

Non-taxable employment income

Deductible expenses

Termination payments

The PAYE system

Construction industry scheme

Employee incentive schemes

8 Income from employment (2)

Benefits in kind

Living accommodation

Cars provided for private use

Beneficial loans

Salary sacrifice

9 Income from self-employment: Computation of income

The badges of trade

The calculation of trading profits

Deductibility of expenditure

Disallowed expenditure

Allowable expenditure

Adjustments relating to income

Trading income allowance

Cash basis and simplified expenses

10 Income from self-employment: Basis periods

The current year basis

Commencement of trade

Cessation of trade

Change of accounting date

Averaging of trading profits for farmers and creative artists

Basis period reform

11 Income from self-employment: Capital allowances

Eligible expenditure

Chargeable periods

Plant and machinery

Capital allowances on plant and machinery

Writing down allowance (WDA)

Annual investment allowance (AIA)

First year allowance (FYA)

Balancing allowances and charges

Non-pooled assets

Allowances on cessation of trade

Structures and buildings allowances

Miscellaneous capital allowances

12 Income from self-employment: Trading losses

Relief for trading losses

Carry-forward trade loss relief

Trade loss relief against total income

Temporary extension of s64 relief

Early trade losses relief

Terminal trade loss relief

Post-cessation trade relief

Transfer of a business to a company

Losses on shares in unlisted trading companies

Limit on income tax reliefs

13 Income from self-employment: Partnerships

Principles of partnership taxation

Notional profits and losses

Change in partnership composition

Non-trading income

Trading losses

14 Pension contributions

Registered pension schemes

Tax relief for contributions by scheme members

Tax relief for contributions by employers

Annual allowance charge

Lifetime allowance charge

15 Payment of income tax, interest and penalties

Payment of income tax

Late payment penalties

Interest on overdue income tax

Interest on overpaid income tax

Penalties

Reformed late filing and late payment penalties

16 National Insurance contributions

Class 1

Class 1A and Class 1B

Class 2 and Class 3

Class 4

Annual maximum contributions

Review questions (Set A)

Part 2 Capital Gains Tax

17 Introduction to capital gains tax

Chargeable persons

Chargeable assets

Chargeable disposals

Basis of assessment

Rates of CGT

Relief for capital losses

Relief for trading losses

Administration of CGT

18 Computation of gains and losses

Layout of a CGT computation

Disposal value

Allowable expenditure

Part disposals

Assets with negligible value

Assets held on 31 March 1982

19 Chattels and wasting assets

The chattels exemption

Chattels disposed of at a loss

Part disposals of chattels

Wasting chattels

Wasting assets

Leases

20 Shares and securities

The share matching rules

The Section 104 holding

Bonus issues

Rights issues

Capital distributions

Takeovers

Gilts and qualifying corporate bonds

21 Principal private residence

Principal private residence

Partial exemption

Deemed residence

Letting relief

Business use

22 CGT reliefs

Damaged assets

Destroyed assets

Replacement of business assets

Gift of business assets

Transfer of a business to a company

Business asset disposal relief

Reinvestment into EIS shares

Loans to traders

Review questions (Set B)

Part 3 Corporation Tax

23 Introduction to corporation tax

Scope of corporation tax

Accounting periods

Taxable total profits

Trading income

Income from property

Income from non-trading loan relationships

Dividends received

Relief for charitable donations

Loan relationships

Long periods of account

Research and development tax relief

Intangible fixed assets

24 Corporate chargeable gains

Chargeable disposals and chargeable assets

Basis of assessment

Computation of gains and losses

Indexation allowance

Assets held on 31 March 1982

Disposals of shares or securities

25 Computation and payment of the corporation tax liability

Corporation tax financial years

Rates of corporation tax

Due date of payment

Interest on underpaid and overpaid corporation tax

Self Assessment

Penalties

Rates of corporation tax as from FY2023

26 Corporation tax losses

Relief for trading losses

Carry forward of trade loss relief

Unrelieved qualifying charitable donations

Trade loss relief against total profits

Temporary extension of trade loss relief against total profits

Repayments of corporation tax

Anti-avoidance legislation

Choice of loss relief

Non-trading losses

Restriction on deduction of carried-forward losses

27 Close companies and investment companies

Close companies

Definition of a close company

Exceptions

Consequences of close company status

Companies with investment business

Choice of business medium

Incorporation

28 Groups of companies and reconstructions

Related 51% group companies

Group payment arrangements

Transfer pricing

75% groups

Group relief

Transfer of chargeable assets within a group

Capital losses

Consortia

Corporate interest restriction

Company reconstructions

Review questions (Set C)

Part 4 Miscellaneous

29 Value added tax (1)

The principle of VAT

Taxable persons

Taxable supplies

Exempt supplies

Reduced rate supplies

Zero rate supplies

The value of a supply

Imports and exports

Registration

Deregistration

30 Value added tax (2)

Accounting for VAT

The tax point

Tax invoices

Accounting records

Special schemes

Retail schemes

Bad debts

Non-deductible input tax

Partial exemption

Administration of VAT

Penalties, surcharges and interest

31 Inheritance tax

Transfers of value

Exempt transfers

Potentially exempt transfers (PETs)

IHT payable on chargeable lifetime transfers

IHT payable on death

Valuation

Business property relief

Agricultural property relief

Administration of IHT

32 Overseas aspects of taxation

Residence and domicile

Income tax – general rules

Double taxation relief (DTR)

Income from employment

Trading income

Income from property and investments

Capital gains tax – general rules

Inheritance tax – general rules

Corporation tax – general rules

Controlled foreign companies (CFCs)

Transfer pricing

Double taxation relief for companies

Diverted profits tax

Digital services tax

Review questions (Set D)

Part 5 Answers

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