Taxation Finance Act 2017 23rd Edition

Melville Solutions Manual

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Taxation Finance Act 2017 23rd Edition Melville Solutions Manual

Instructor’s Manual
Taxation:
Finance Act 2017

Twenty-third edition

Alan Melville

For further instructor material

please visit:
www.pearsoned.co.uk/melville

ISBN: 978-1-292-20085-9

© Pearson Education Limited 2018

Lecturers adopting the main text are permitted to download and photocopy the manual as required.

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TAXATION_Instructor's Manual 2017.indd 1 01/08/2017 15:04
 Melville: Taxation: Financial Act 2017, Instructor’s Manual, 23rd ed.

PEARSON EDUCATION LIMITED

Kao Two
Kao Park
Harlow CM17 9NA
United Kingdom
Tel: +44 (0)1279 623623
Web: www.pearson.com/uk

Eleventh edition published 2006

Twelfth edition published 2007
Thirteenth edition published 2007
Fourteenth edition published 2009
Fifteenth edition published 2010
Sixteenth edition published 2011
Seventeenth edition published 2012
Eighteenth edition published 2013
Nineteenth edition published 2014
Twentieth edition published 2015
Twenty-first edition published 2016
Twenty-second edition published 2017
Twenty-third edition published 2018 (electronic)

© Pearson Education Limited 2018

The rights of Alan Melville to be identified as author of this work has been asserted by him in
accordance with the Copyright, Designs and Patents Act 1988.

ISBN: 978-1-292-20085-9

All rights reserved. Permission is hereby given for the material in this publication to be
reproduced for OHP transparencies and student handouts, without express permission of
the Publishers, for educational purposes only. In all other cases, no part of this publication
may be reproduced, stored in a retrieval system, or transmitted in any form or by any
means, electronic, mechanical, photocopying, recording, or otherwise without either the
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Fetter Lane, London EC4A 1EN. This book may not be lent, resold, hired out or otherwise
disposed of by way of trade in any form of binding or cover other than that in which it is
published, without the prior consent of the Publishers.

Pearson Education is not responsible for the content of third-party internet sites.

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© Pearson Education Limited 2017

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Melville: Taxation: Finance Act 2017, Instructor's Manual, 23 ed.

Contents

Preface v
Chapter 2 Introduction to income tax
Solutions 2.5 and 2.6 1
Chapter 3 Personal allowances
Solutions 3.8 and 3.9 2
Chapter 4 Payments and gifts eligible for tax relief
Solutions 4.8 and 4.9 3
Chapter 5 Income from property
Solutions 5.6 and 5.7 5
Chapter 6 Income from savings and investments
Solution 6.6 6
Chapter 7 Income from employment (1)
Solutions 7.5 and 7.6 7
Chapter 8 Income from employment (2)
Solutions 8.4 and 8.5 8
Chapter 9 Income from self-employment: Computation of income
Solutions 9.7 and 9.8 9
Chapter 10 Income from self-employment: Basis periods
Solutions 10.6, 10.7, 10.8 and 10.9 10
Chapter 11 Income from self-employment: Capital allowances
Solutions 11.4 and 11.5 12
Chapter 12 Income from self-employment: Trading losses
Solutions 12.5 and 12.6 14
Chapter 13 Income from self-employment: Partnerships
Solution 13.5 15
Chapter 14 Pension contributions
Solutions 14.6 and 14.7 17
Chapter 15 Payment of income tax, interest and penalties
Solution 15.4 18
Chapter 16 National Insurance contributions
Solutions 16.4 and 16.5 19
Review questions (Set A)
Solutions A6, A7, A8, A9 and A10 20
Chapter 17 Introduction to capital gains tax
Solutions 17.8, 17.9 and 17.10 28
Chapter 18 Computation of gains and losses
Solutions 18.6 and 18.7 29

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© Pearson Education Limited 2018
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Melville: Taxation: Finance Act 2017, Instructor's Manual, 23 ed.

Chapter 19 Chattels and wasting assets

Solutions 19.8, 19.9 and 19.10 30
Chapter 20 Shares and securities
Solutions 20.8, 20.9, 20.10 and 20.11 32
Chapter 21 Principal private residence
Solution 21.5 35
Chapter 22 CGT reliefs
Solutions 22.5, 22.6, 22.7 and 22.8 36
Review questions (Set B)
Solutions B5, B6, B7, B8 and B9 38
Chapter 23 Introduction to corporation tax
Solution 23.6 41
Chapter 24 Corporate chargeable gains
Solution 24.3 42
Chapter 25 Computation and payment of the corporation tax liability
Solutions 25.7 and 25.8 44
Chapter 26 Corporation tax losses
Solution 26.6 45
Chapter 27 Close companies and investment companies
Solutions 27.4 and 27.5 46
Chapter 28 Groups of companies and reconstructions
Solution 28.6 47
Review questions (Set C)
Solutions C6, C7, C8, C9 and C10 48
Chapter 29 Value added tax (1)
Solutions 29.6 and 29.7 52
Chapter 30 Value added tax (2)
Solutions 30.5 and 30.6 54
Chapter 31 Inheritance tax
Solutions 31.6 and 31.7 55
Chapter 32 Overseas aspects of taxation
Solutions 32.7 and 32.8 57
Review questions (Set D)
Solutions D5, D6, D7 and D8 58

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© Pearson Education Limited 2018
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Melville: Taxation: Finance Act 2017, Instructor's Manual, 23 ed.

Preface

As indicated in the preface to Taxation, the book does not contain solutions for those exercises
and review questions which are marked with an asterisk (*). This provides lecturers who have
adopted the textbook with a source of problems which may be used for seminar work and for
revision. The purpose of this Instructor's Manual is to supply suggested solutions to those
exercises and questions.
I should like to remind the reader that, whilst some of the exercises and review questions are
drawn from the past examination papers of the professional accounting bodies, the answers
provided here to those exercises and questions are entirely my own responsibility.

Alan Melville
June 2017

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© Pearson Education Limited 2018
Taxation Finance Act 2017 23rd Edition Melville Solutions Manual

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