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  • Introduction To Taxation

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    Ehsan Khan
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    The document discusses different types of taxes including income tax, corporation tax, capital gains tax, inheritance tax, and VAT. It also mentions tax-exempt savings accounts like ISAs with an annual maximum investment of £20,000 and tax avoidance through gratuitous gifts to spouses or children. The tax year ranges from April 6th to April 5th. Interest earned on overpaid taxes is paid back to the taxpayer.

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    1. Introduction to Taxation.xlsx

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    The document discusses different types of taxes including income tax, corporation tax, capital gains tax, inheritance tax, and VAT. It also mentions tax-exempt savings accounts like ISAs with an annual maximum investment of £20,000 and tax avoidance through gratuitous gifts to spouses or children. The tax year ranges from April 6th to April 5th. Interest earned on overpaid taxes is paid back to the taxpayer.

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    4 views4 pages

    Introduction To Taxation

    Uploaded by

    Ehsan Khan
    The document discusses different types of taxes including income tax, corporation tax, capital gains tax, inheritance tax, and VAT. It also mentions tax-exempt savings accounts like ISAs with an annual maximum investment of £20,000 and tax avoidance through gratuitous gifts to spouses or children. The tax year ranges from April 6th to April 5th. Interest earned on overpaid taxes is paid back to the taxpayer.

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    © All Rights Reserved
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    of 4

    GRATITIOUS GIFT TRANSFER OF PROPERTY, FREELY GIVEN

    TYPES OF TAXES

    NIC 1 INCOME TAX PAYABLE BY INDIVIDUALS


    2 CORPORATION TAX PAYABLE BY COMPANIES
    3 CAPITAL GAIN TAX (CGT) PAYABLE BY INDIVIDUALS UPON THE GAIN GENERATED OVER TH
    4 INHERITANCE TAX (IHT) PAYABLE BY INDIVIDUALS
    5 VAT PAYABLE BY CUSTOMERS & IMPOSED BY SELLER ON THE SELLING

    ISA==> INDIVIDUAL SAVINGS ACCOUNT TAX EXEMPT INTEREST FROM ISA


    MAX INVESTMENT OF £20000/YEAR

    GIFT PARENT > ON THE OCCASION OF MARRIAGE


    TAX AVOIDANCE
    MR.A MRS.A FIRST 5000 EXEMPT

    10000 0 SPOUSE > EXEMPT


    SON
    FOR TAX AVOIDANCE
    MR.A MRS.A

    5000 5000
    SON

    O OBJECTIVITY
    P PROFESSIONAL COMPETENCE & DUE CARE
    P PROFESSIONAL BEHAVIOUR
    I INTEGRITY
    C CONFIDENTIALITY

    TAX EXEMPT INCOME

    10000 NATIONAL SAVINGS CERTIFICATES

    PERIOD - 8 YEARS

    INTEREST ON OVERPAID TAXES 15000==>18000


    OVERPAYMENT--> 3000 PLUS INTEREST
    ISA -- INTEREST (EXEMPT)
    20000/YR (CASH/SHARES) MAX INVESTMENT

    TAX YEAR

    19/20 6 APRIL 2019 TO 5 APRIL 2020

    20/21 6 APRIL 2020 TO 5 APRIL 2021

    21/22 6 APRIL 2021 TO 5 APRIL 2022


    N THE GAIN GENERATED OVER THE DISPOSAL OF NCA

    POSED BY SELLER ON THE SELLING PRICE OF THE PRODUCT

    ST FROM ISA
    F £20000/YEAR

    OF MARRIAGE

    & DUE CARE


    X INVESTMENT

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