Welcome to Scribd. Sign in or start your free trial to enjoy unlimited e-books, audiobooks & documents.Find out more
Download
Standard view
Full view
of .
Look up keyword
Like this
8Activity
0 of .
Results for:
No results containing your search query
P. 1
f6uk examdoc

f6uk examdoc

Ratings:

5.0

(1)
|Views: 115|Likes:
Published by anon-462018

More info:

Published by: anon-462018 on Sep 10, 2008
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

01/03/2013

pdf

text

original

 
 e  a m s 
74
student accountant
S 2007taxpaper f6, taxation (uk)
The following notes refer to Paper F6 (UK) only. Guidance for other variantpapers – where available – will be published on the ACCA website.
examinable legiSlation
Knowledge of new legislation will not be required until at least sixcalendar months after the last day of the month in which the legislationreceived Royal Assent. The relevant last day for the December 2007exams was 31 May 2007.
finance act
The latest Finance Act which will be examined in Paper F6 (UK) atthe December 2007 session is the Finance Act 2006. With regardto prospective legislation when, for example, provisions included inthe Finance Act will only take effect at some date in the future, suchlegislation will not normally be examined until such time as it actuallytakes effect. The same rule applies to the effective date of the provisionsof an Act introduced by statutory instrument.The following relevant articles have been published in
 student accountant
and are also available on the ACCA website: finance act 2006 – January 2007 examiner’s approach to Paper F6 (UK) – January 2007.
SupplementarY inStructionS
The following supplementary instructions will be included in theDecember 2007 exam: calculations and workings need only be made to the nearest £ all apportionments should be made to the nearest month all working should be shown.
tax rateS and allowanceS
The following tax rates and allowances will be reproduced in the exampaper for Paper F6 (UK). In addition, other specific information necessaryfor candidates to answer individual questions will be given as part of thequestion. For example, in the case of corporate chargeable gains, therelevant retail prices index for particular dates will be given at the end ofthe relevant question.
i t%
Starting rate £1 £2,150 10Basic rate £2,151 £33,300 22Higher rate £33,301 and above 40
ps as
Standard £5,03565 74 £7,28075 and over £7,420Income limit for age-related allowances £20,100
c b p
The base level of CO
2
emissions is 140 grams per kilometre.
c f b
The base figure for calculating the car fuel benefit is £14,400.
ps Sh ls
Annual Allowance £215,000The maximum contribution that can qualify for tax relief without anyearnings is £3,600.
c as
 
%p  hy
Writing-down allowance 25First-year allowance Plant and machinery 40Low emission motor cars (CO
2
 emissions of less than 120 grams perkilometre) 100For small businesses only: the rate of plant and machinery first-yearallowance was increased to 50% for the period from 1 April 2006 to31 March 2007 (6 April 2006 to 5 April 2007 for unincorporatedbusinesses).
l- sss
Writing-down allowance 6
is s 
Writing-down allowance 4
c tf y 2004 2005 2006
Small companies rate 19% 19% 19%Full rate 30% 30% 30%Lower limit 300,000 300,000 300,000Upper limit 1,500,000 1,500,000 1,500,000Small companies rate 11/400 11/400 11/400
m r
(M - P) x I/P x Marginal relief fraction
V a t
 
£
Registration limit 61,000Deregistration limit 59,000
 
 e  a m s 
S 2007
student accountant
75c gs t: a e
Individuals £8,800
c gs t: t rc ys  gs  gs 5 a 1998  sss -ssshh ss h sss sss
1 50% 100%2 25% 100%3 25% 95%4 25% 90%5 25% 85%6 25% 80%7 25% 75%8 25% 70%9 25% 65%10 or more 25% 60%
n is cs (   s)
 
%
Class 1 Employee £1 £5,035 per year Nil£5,036 £33,540 per year 11.0£33,541 and above per year 1.0Class 1 Employer £1 £5,035 per year Nil£5,036 and above per year 12.8Class 1A 12.8Class 2 £2.10 per weekClass 4 £1 £5,035 per year Nil£5,036 £33,540 per year 8.0£33,541 and above per year 1.0
rs  is
Official rate of interest 5.0%Rate of interest on underpaid tax 6.5% (assumed)Rate of interest on overpaid tax 2.25% (assumed)
paper p6, adVanced taxation (uk)
The following notes refer to Paper P6 (UK) only. Guidance for othervariant papers – where available – will be published on the ACCAwebsite.
examinable legiSlation
Knowledge of new legislation will not be required until at least sixcalendar months after the last day of the month in which the legislationreceived Royal Assent. The relevant last day for the December 2007exams was 31 May 2007.
finance act
The latest Finance Act which will be examined in Paper P6 (UK) atthe December 2007 session is the Finance Act 2006. With regardto prospective legislation when, for example, provisions included inthe Finance Act will only take effect at some date in the future, suchlegislation will not normally be examined until such time as it actuallytakes effect. The same rule applies to the effective date of the provisionsof an Act introduced by statutory instrument.The following relevant articles have been published in
 student accountant
and are also available on the ACCA website: finance act 2006 – January 2007 examiner’s approach to Paper P6 (UK) – June/July 2007.
SupplementarY inStructionS
The following supplementary instructions will be included in theDecember 2007 exam: you should assume that the tax rates and allowances for the taxyear 2006/07, and for for the financial year to 31 March 2007 willcontinue to apply for the foreseeable future, unless you are instructedotherwise calculations and workings need only be made to the nearest £ all apportionments should be made to the nearest month all workings should be shown.
tax rateS and allowanceS
The following tax rates and allowances will be reproduced in the exampaper for Paper P6 (UK). In addition, other specific information necessaryfor candidates to answer individual questions will be given as part of thequestion.
i t%
Starting rate £1 £2,150 10Basic rate £2,151 £33,300 22Higher rate £33,301 and above 40 
ps as
Standard £5,03565 74 £7,28075 and over £7,420Income limit for age-related allowances £20,100
c b p
The base level of CO
2
emissions is 140 grams per kilometre.
c f b
The base figure for calculating the car fuel benefit is £14,400.
 
 e  a m s 
76
student accountant
S 2007ps Sh ls
Annual allowance £215,000Lifetime allowance £1,500,000The maximum contribution that can qualify for tax relief without anyearnings is £3,600.
ahs m as
All cars:Up to 10,000 miles 40pOver 10,000 miles 25p
c as
 
%p  hy
Writing-down allowance 25First-year allowance Plant and machinery 40Low emission motor cars (CO
2
 emissions of less than 120 grams perkilometre) 100For small businesses only: the rate of plant and machinery first-yearallowance was increased to 50% for the periods from 1 April 2004to 31 March 2005 (6 April 2004 to 5 April 2005 for unincorporatedbusinesses) and 1 April 2006 to 31 March 2007 (6 April 2006 to5 April 2007 for unincorporated businesses).
l- sss
Writing-down allowance 6
is s 
Writing-down allowance 4
c tf y 2004 2005 2006
Starting rate nil nil n/aSmall companies rate 19% 19% 19%Full rate 30% 30% 30%Starting rate lower limit (£) 10,000 10,000 n/aStarting rate upper limit (£) 50,000 50,000 n/aSmall companies ratelower limit (£) 300,000 300,000 300,000Small companies rateupper limit (£) 1,500,000 1,500,000 1,500,000Marginal relief fractionStarting rate 19/400 19/400 n/aSmall companies rate 11/400 11/400 11/400
m r
(M - P) x I/P x Marginal relief fraction
V a t
 
 £ 
Registration limit 61,000Deregistration limit 59,000
ih t
£1 £285,000 NilExcess 40%
c gs t: a e
Individuals £8,800
c gs t: t rc ys  gs  gs 5 a 1998  sss -ssshh ss h sss sss
1 50% 100%2 25% 100%3 25% 95%4 25% 90%5 25% 85%6 25% 80%7 25% 75%8 25% 70%9 25% 65%10 or more 25% 60%
n is cs (   s)
 
%
Class 1 Employee £1 £5,035 per year Nil£5,036 £33,540 per year 11.0£33,541 and above per year 1.0Class 1 Employer £1 £5,035 per year Nil£5,036 and above per year 12.8Class 1A 12.8Class 2 Small earnings exception limit £4,465£2.10 per weekClass 4 £1 £5,035 per year Nil£5,036 £33,540 per year 8.0£33,541 and above per year 1.0

Activity (8)

You've already reviewed this. Edit your review.
1 hundred reads
liyjb2 liked this
Lawal Azeez liked this
Lawal Azeez liked this
antobanderas liked this
rayyan99 liked this

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->