ACCA PAPER F6 TAXATION (UK) FA 2013 FOR EXAM IN 2014_STUDY TEXT PART 2

ACCA PAPER F6 TAXATION (UK) FA 2013 FOR EXAM IN 2014_STUDY TEXT PART 2 Bộ đề không thể thiết và vô cùng giá trị dành cho người muốn chinh phục đỉnh cao ACCA Copyright: page 2 Tài liệu tham khảo khác cần thiết: ACCA PAPER F6 TAXATION (UK) FA 2013 FOR EXAM IN 2014 pratice and revision kit, 2015 BPP F1 Revision Kit,...

ACF6ST14 (FA2013)_Layout 05/11/2013 12:11 Page ACCA F6 ACCA PAPER F6 TAXATION ( UK) FA 2013 ACCA PAPER F6 About BPP Learning Media BPP Learning Media is dedicated to supporting aspiring business professionals with top quality learning material as they study for demanding professional exams, often whilst working full time BPP Learning Media’s commitment to student success is shown by our record of quality, innovation and market leadership in paper-based and e-learning materials BPP Learning Media’s study materials are written by professionally-qualified specialists who know from personal experience the importance of top quality materials for exam success BPP Learning Media is the sole ACCA Platinum Approved Learning Partner - content PAPER F6 TAXATION ( UK ) FA 2013 This ACCA Study Text provides the only study material for Paper F6 Taxation ( UK) FA 2013 which has been comprehensively reviewed by the Examiner This unique review guarantees appropriate depth and breadth of content and comprehensive syllabus coverage In addition to Examiner-reviewed material you get: n A user-friendly format for easy navigation n Exam focus points describing what the examiner will want you to n Regular fast forward summaries emphasising the key points in each chapter n Questions and quick quizzes to test your understanding n Exam question bank containing exam-standard questions with answers n A full Index n All you need in one book STUDY TEXT For more details about this or any other BPP Learning Media products, please call our customer services team on 0845 0751 100 (within the UK) or +44 (0)20 8740 2211 (from overseas), email learningmedia@bpp.com or visit our website www.bpp.com/learningmedia FOR EXAMS IN 2014 NOVEMBER 2013 UK £32.00 BPP House, Aldine Place, London W12 8AA Tel: 0845 0751 100 (for orders within the UK) Tel: +44 (0)20 8740 2211 Fax: +44 (0)20 8740 1184 www.bpp.com/learningmedia TAXATION ( UK ) FA 2013 STUDY TEXT FOR EXAMS IN 2014 GET YOUR CODE FOR FREE ONLINE RESOURCES INSIDE S T U D Y PAPER F6 TAXATION (UK) FA 2013 BPP Learning Media is the sole ACCA Platinum Approved Learning Partner – content for the ACCA qualification In this, the only Paper F6 study text to be reviewed by the examiner:  We discuss the best strategies for studying for ACCA exams  We highlight the most important elements in the syllabus and the key skills you will need  We signpost how each chapter links to the syllabus and the study guide  We provide lots of exam focus points demonstrating what the examiner will want you to  We emphasise key points in regular fast forward summaries  We test your knowledge of what you've studied in quick quizzes  We examine your understanding in our exam question bank  We reference all the important topics in our full index BPP's Practice & Revision Kit, i-Pass and i-Learn products also support this paper FOR EXAMS IN 2014 T E X T First edition 2007 Eighth edition November 2013 ISBN 9781 4727 5302 (Previous ISBN 9781 4453 9648 4) eISBN 9781 4453 6735 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Published by BPP Learning Media Ltd BPP House, Aldine Place 142-144 Uxbridge Road London W12 8AA www.bpp.com/learningmedia Printed in the United Kingdom by Polestar Wheatons Hennock Road Marsh Barton Exeter EX2 8RP Your learning materials, published by BPP Learning Media Ltd, are printed on paper obtained from traceable sustainable sources © BPP Learning Media Ltd 2013 ii All rights reserved 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 the prior written permission of BPP Learning Media Ltd We are grateful to the Association of Chartered Certified Accountants for permission to reproduce past examination questions The suggested solutions in the exam answer bank have been prepared by BPP Learning Media Ltd, unless otherwise stated Contents Page Introduction Helping you to pass – the ONLY F6 Study Text reviewed by the examiner! Studying F6 Syllabus and Study Guide The exam paper vi viii x xxv Part A UK tax system Introduction to the UK tax system Part B Income tax and national insurance contributions 10 11 12 The computation of taxable income and the income tax liability Employment income Taxable and exempt benefits The PAYE system Pensions Property income Computing trading income Capital allowances Assessable trading income Trading losses Partnerships and limited liability partnerships National insurance contributions 17 41 53 75 85 95 115 133 145 161 171 Part C Chargeable gains for individuals 13 14 15 16 Computing chargeable gains Chattels and the principal private residence exemption Business reliefs Shares and securities 183 195 207 219 Part D Tax administration for individuals 17 Self assessment and payment of tax by individuals 231 Part E Inheritance tax 18 Inheritance tax: scope and transfers of value 251 Part F Corporation tax 19 20 21 22 23 24 Computing taxable total profits Computing the corporation tax liability Chargeable gains for companies Losses Groups Self assessment and payment of tax by companies 275 289 301 313 325 337 Part G Value added tax 25 26 An introduction to VAT Further aspects of VAT 349 369 iii Exam question and answer bank Tax tables Index Review form iv 383 463 469 A note about copyright Dear Customer What does the little © mean and why does it matter? Your market-leading BPP books, course materials and e-learning materials not write and update themselves People write them: on their own behalf or as employees of an organisation that invests in this activity Copyright law protects their livelihoods It does so by creating rights over the use of the content Breach of copyright is a form of theft – as well as being a criminal offence in some jurisdictions, it is potentially a serious breach of professional ethics With current technology, things might seem a bit hazy but, basically, without the express permission of BPP Learning Media:  Photocopying our materials is a breach of copyright  Scanning, ripcasting or conversion of our digital materials into different file formats, uploading them to facebook, or emailing them to your friends is a breach of copyright You can, of course, sell your books, in the form in which you have bought them – once you have finished with them (Is this fair to your fellow students? We update for a reason.) Please note the e-products are sold on a single user licence basis: we not supply ‘unlock’ codes to people who have bought them second hand And what about outside the UK? BPP Learning Media strives to make our materials available at prices students can afford by local printing arrangements, pricing policies and partnerships which are clearly listed on our website A tiny minority ignore this and indulge in criminal activity by illegally photocopying our material or supporting organisations that If they act illegally and unethically in one area, can you really trust them? Introduction v Helping you to pass – the ONLY F6 Study Text reviewed by the examiner! BPP Learning Media – the sole Platinum Approved Learning Partner – content As ACCA’s sole Platinum Approved Learning Partner – content, BPP Learning Media gives you the unique opportunity to use examiner-reviewed study materials for the 2014 exams By incorporating the examiner’s comments and suggestions regarding the depth and breadth of syllabus coverage, the BPP Learning Media Study Text provides excellent, ACCA-approved support for your studies The PER alert! Before you can qualify as an ACCA member, you not only have to pass all your exams but also fulfil a three year practical experience requirement (PER) To help you to recognise areas of the syllabus that you might be able to apply in the workplace to achieve different performance objectives, we have introduced the ‘PER alert’ feature You will find this feature throughout the Study Text to remind you that what you are learning to pass your ACCA exams is equally useful to the fulfilment of the PER requirement Your achievement of the PER should now be recorded in your on-line My Experience record Tackling studying Studying can be a daunting prospect, particularly when you have lots of other commitments The different features of the text, the purposes of which are explained fully on the Chapter features page, will help you whilst studying and improve your chances of exam success Developing exam awareness Our Texts are completely focused on helping you pass your exam Our advice on Studying F6 outlines the content of the paper and the necessary skills the examiner expects you to demonstrate Exam focus points are included within the chapters to highlight when and how specific topics were examined, or how they might be examined in the future Using the Syllabus and Study Guide You can find the Syllabus and Study Guide on pages x – xxiv of this Study Text Testing what you can Testing yourself helps you develop the skills you need to pass the exam and also confirms that you can recall what you have learnt We include Questions – lots of them – both within chapters and in the Exam Question Bank, as well as Quick Quizzes at the end of each chapter to test your knowledge of the chapter content vi Introduction Chapter features Each chapter contains a number of helpful features to guide you through each topic Topic list Topic list Syllabus reference Tells you what you will be studying in this chapter and the relevant section numbers, together the ACCA syllabus references Introduction Puts the chapter content in the context of the syllabus as a whole Study Guide Links the chapter content with ACCA guidance Exam Guide Highlights how examinable the chapter content is likely to be and the ways in which it could be examined FAST FORWARD Summarises the content of main chapter headings, allowing you to preview and review each section easily Examples Demonstrate how to apply key knowledge and techniques Key terms Definitions of important concepts that can often earn you easy marks in exams Exam focus points Tell you when and how specific topics were examined, or how they may be examined in the future This is a new feature that gives you a useful indication of syllabus areas that closely relate to performance objectives in your Practical Experience Requirement (PER) Question Give you essential practice of techniques covered in the chapter Chapter Roundup A full list of the Fast Forwards included in the chapter, providing an easy source of review Quick Quiz A quick test of your knowledge of the main topics in the chapter Exam Question Bank Found at the back of the Study Text with more comprehensive chapter questions Cross referenced for easy navigation Introduction vii Studying F6 As the name suggests, this paper examines the basic principles of taxation This is a very important area for certified accountants as many areas of practice involve a consideration of taxation issues It also provides a foundation for P6: Advanced Taxation which will be chosen by those who work in a tax environment What the F6 examiner is looking for The examiner is looking for students to show that they have a solid understanding of the UK tax system and the main taxes which are income tax, corporation tax, national insurance contributions, capital gains tax, inheritance tax and value added tax The examiner has written several technical articles including two on Inheritance Tax, two on Chargeable gains, one on groups, two on VAT, one on benefits, one on motor cars, and one on Finance Act 2013 All these articles are available on the ACCA website Make sure you read them to gain further insight into what the examiner is looking for What F6 is about The UK tax system The syllabus introduces the rationale behind – and the functions of – the tax system The taxes It then covers the main UK taxes which apply to individuals and businesses Income tax and corporation tax cover the widest areas of the syllabus, forming the basis for questions and totalling 55% of the marks Value added tax (VAT) is likely to be covered in one of these questions, in which case at least 10 of the 55 marks will be awarded for VAT, although it is possible that a separate question on VAT will be included instead Chargeable gains (either personal or corporate) will be covered in question 3, for which 15 marks will be available There will always be between and 15 marks on inheritance tax which will be within questions 3, or National insurance will not be examined as a separate question but may be examined in any question on income tax or corporation tax You will be expected to have a detailed knowledge of these taxes, but no previous knowledge is assumed You should study the basics carefully and learn the proforma computations It then becomes straightforward to complete these by slotting in figures from your detailed workings As well as being able to calculate tax liabilities, you will be expected to explain the basis of the calculations and how a taxpayer can minimise or defer tax liabilities Compliance The final part of the syllabus covers the compliance obligations of the taxpayer This is likely to form an element in one or more questions in the exam A knowledge of tax is incomplete without an understanding of how the tax is collected viii Introduction What skills are required?  Be able to integrate knowledge and understanding from across the syllabus to enable you to complete detailed computations of tax liabilities  Be able to explain the underlying principles of taxation by providing a simple summary of the rules and how they apply to the particular situation  Be able to apply tax planning techniques by identifying available options and testing them to see which has the greater effect on tax liabilities How to improve your chances of passing 3.1 Study the whole syllabus Study the entire syllabus – all the questions in the exam are compulsory This gives the examiner the opportunity to test all major areas of the syllabus on every paper 3.2 Lots of question practice Practise as many questions as you can under timed conditions – this is the best way of developing good exam technique Make use of the Question Bank at the back of this Text BPP's Practice and Revision Kit contains numerous exam standard questions (many of them taken from past exam papers) as well as three mock exams for you to try Answer selectively – the examiner will expect you to consider carefully what is relevant and significant enough to include in your answer Don't include unnecessary information Present your answers in a professional manner – use subheadings and leave spaces between paragraphs, make sure that your numerical workings are clearly set out Even if you make a mistake in your calculations, you will still gain marks if you show that you understand the principles involved Answer all parts of the question – leaving out a five mark part may be the difference between a pass and a fail Introduction ix 462 SUPPLEMENTARY INFORMATION Calculations and workings need only be made to the nearest £ All apportionments may be made to the nearest month All workings should be shown TAX RATES AND ALLOWANCES The following tax rates and allowances are to be used in answering the questions Income tax Basic rate Higher rate Additional rate £1 – £32,010 £32,011 to £150,000 £150,001 and over Normal rates % 20 40 45 Dividend rates % 10 32.5 37.5 A starting rate of 10% applies to savings income where it falls within the first £2,790 of taxable income Personal allowance £ Personal allowance Born on or after April 1948 Born between April 1938 and April 1948 Born before April 1938 Income limit Personal allowance Personal allowance (born before April 1948) 9,440 10,500 10,660 100,000 26,100 Residence status Days in UK Less than 16 16 to 45 46 to 90 91 to 120 121 to 182 183 or more Previously resident Automatically not resident Resident if UK ties (or more) Resident if UK ties (or more) Resident if UK ties (or more) Resident if UK tie (or more) Automatically resident Not previously resident Automatically not resident Automatically not resident Resident if UK ties Resident if UK ties (or more) Resident if UK ties (or more) Automatically resident Child benefit income tax charge Where income is between £50,000 and £60,000, the charge is 1% of the amount of child benefit received for every £100 of income over £50,000 Car benefit percentage The base level of CO2 emissions is 95 grams per kilometre The percentage rates applying to petrol cars with CO2 emissions up to this level are: 75 grams per kilometre or less 76 grams to 94 grams per kilometre 95 grams per kilometre % 10 11 Car fuel benefit The base figure for calculating the car fuel benefit is £21,100 Individual savings accounts (ISAs) The overall investment limit is £11,520, of which £5,760 can be invested in a cash ISA Tax tables 463 Pension scheme limits Annual allowance £50,000 The maximum contribution that can qualify for tax relief without any earnings is £3,600 Authorised mileage allowances: cars Up to 10,000 miles Over 10,000 miles 45p 25p Capital allowances: rates of allowance % 18 Plant and machinery Main pool Special rate pool Motor cars New cars with CO2 emissions up to 95 grams per kilometre CO2 emissions between 96 and 130 grams per kilometre CO2 emissions over 130 grams per kilometre 100 18 Annual investment allowance First £250,000 of expenditure (since January 2013) 100 Cap on income tax reliefs Unless otherwise restricted, reliefs are capped at the higher of £50,000 or 25% of income Corporation tax Financial year Small profits rate Main rate Lower limit Upper limit Standard fraction 2011 20% 26% 2012 20% 24% 2013 20% 23% 300,000 1,500,000 300,000 1,500,000 300,000 1,500,000 3/200 1/100 3/400 Marginal relief Standard fraction  (U  A)  N/A Value Added Tax (VAT) Standard rate Registration limit Deregistration limit 20.0% £79,000 £77,000 Inheritance tax: tax rates £1 – £325,000 Excess – Death rate – Lifetime rate Nil 40% 20% Inheritance tax: taper relief Years before death Over but less than years Over but less than years Over but less than years Over but less than years 464 Tax tables % reduction 20 40 60 80 Capital gains tax Rates of tax – Lower rate – Higher rate Annual exempt amount Entrepreneurs’ relief – Lifetime limit – Rate of tax 18% 28% £10,900 £10,000,000 10% National insurance contributions (Not contracted-out rates) Class Employee £1 – £7,755 per year £7,756 – £41,450 per year £41,451 and above per year % Nil 12.0 2.0 Class Employer £1 – £7,696 per year £7,697 and above per year Nil 13.8 Class 1A Class Class 13.8 £2.70 per week Small earnings exception £1 – £7,755 per year £7,756 – £41,450 per year £41,451 and above per year £5,725 Nil 9.0 2.0 Rates of Interest (assumed) Official rate of interest Rate of interest on underpaid tax Rate of interest on overpaid tax 4.0% 3.0% 0.5% Tax tables 465 466 Tax tables Index 467 468 Note: Key Terms and their page references are given in bold 75% subsidiary, 327 A ccounting period, 277 Acquisitions, 375 Adjusted net income, 26, 35, 78 Adjusted total income, 150 Adjustment of profits, 98 Allowable deductions, 46 Annual allowance, 80 Annual exemption (IHT), 266 Annual Investment Allowance (AIA), 119 Appeals, 359 Appropriations, 102 Associated companies, 296 Augmented profits, 290 Badges of trade, 96 Balancing charges and allowances, 123 Basis periods, 134 Beneficial loans, 62 Calculation of tax on lifetime transfers, 254 Capital allowances, 86, 116, 280 Capital expenditure, 99 Capital gains group, 330 Capital gains tax (CGT) annual exempt amount, 187 capital losses, 187 chargeable asset, 185 chargeable disposal, 185 chargeable person, 184 chattels, 196 damage, loss or destruction of an asset, 191 enhancement expenditure, 186 exempt asset, 185 gifts, 186 holdover relief for gifts, 214 letting relief, 201 matching rules for individuals, 221 principal private residence, 199 rollover relief, 210 share pool for individuals, 221 tax payable, 188 taxable gains, 187 valuing quoted shares, 220 wasting assets, 198 Capital losses (corporation tax), 322 Capital receipts, 105 Car fuel, 61 Carry forward trade loss relief (corporation tax), 314 Carry forward trade loss relief (income tax), 147 Cars, 58, 363 Cash basis of accounting, 106 Cessation of trade, 125 Cessation, 138 Chargeable asset, 184 Chargeable disposal, 184 Chargeable gains FA 1985 pool, 304 matching rules for companies, 304 Chargeable lifetime transfer, 254 Chargeable lifetime transfers (CLTs), 254 Chargeable person, 184 Charitable donations, 50, 103 Chattel, 196 Child benefit income tax charge, 36 tax exempt benefit, 25 Childcare, 66 Choice of an accounting date, 140 Choice of business medium, 297 Claims, 235, 340 Commencement, 135 Company, 276 Compliance check enquiries, 238, 340 Computer software, 118 Corporation tax, 276 Corresponding accounting period, 329 Deductible expenditure not charged in the accounts, 105 Depreciating asset, 213 Despatches, 375 Determinations, 239 Diminution in value, 254 Discovery assessments, 239 Dishonest conduct of tax agents, 239 Dispensation, 68 Dividend income, 24 Donations, 103 Double taxation agreements, , Index 469 Early trade losses relief, 153 Earnings, 44 Employer pension contributions, 79 Employment, 42 Entertaining, 101, 363 European Union, Excluded employees, 54 Exempt benefits, 67 Exempt income, 24 Expenses, 57 Exports, 374 Extra-statutory concessions, Filing date for a personal tax return, 233 Financial year, 278 Fiscal year, 22 Franked investment income (FII), 290 Fuel, 364 Furnished holiday lettings, 88 General anti-abuse rule (GAAR), 10 Gift aid donations, 34 Gift relief, 214 Gifts, 101 between spouses/civil partners, 268 in consideration of marriage/civil partnership, 268 Gilts, 225 Goods for own use, 105 Gratuitous intent, 253 Group registration, 356 Group relief, 326 Her Majesty's Revenue and Customs (HMRC), powers, 238 Higher personal allowance, 27 Impairment losses, 100 Imports, 374 Income tax additional rate, 30 basic rate, 28 higher rate, 29 Income tax savings income starting rate, 28 Income taxed at source, 23 Indexation allowance, 302 Individual savings accounts, 24 470 Index Inheritance tax basic planning, 269 chargeable persons, 253 chargeable transfer, 254 debts, 262 exemptions, 266 funeral expenses, 262 payment, 269 Instalments, 341 Integral features, 126 Interest on late paid tax, 342 Interest on overdue tax, 104 Internal reviews, 245, 341 Intra-group transfers, 331 Jointly held property, 38 Land and buildings in the UK, 86 Late payment of tax interest, 239 Legal and professional charges, 104 Lifetime allowance, 82 Limited liability partnerships, 167 Living accommodation, 56, 58 Loan relationships, 281 Long life assets, 125 Loss relief (corporation tax) trading losses, 314 Low emission car, 119 Main pool, 119 Marginal relief, 291 Material error or omission in tax return, 11 Miscellaneous income, 282 Mobile phone, 68 Motor cars, 127 N ational insurance, 172 Net income, 23 Net pay arrangements, 79 Non-savings income, 23 Normal expenditure out of income, 267 Notification of chargeability, 339 Notification of liability to income tax and CGT, 233 Occupational pension scheme, 76 Other expenses, 48 Overlap profits, 138 P11D employees, 54 Part disposals, 190 Partnerships, 162 PAYE settlement agreements, 72 PAYE system, 69 Payment of corporation tax, 341 Payment of income tax and capital gains tax, 236 Payments on account, 236 Payroll deduction scheme, 50 Penalties, 343 errors, 241 failure to keep records, 245 late filing, 243 late notification, 243 late payment of tax, 244 Pension scheme, 76 Pension tax relief, 78 Period of account, 277 Personal allowance, 26 Personal pensions, 77 Personal tax computation, 22 Plant and machinery, 117 Potentially exempt transfer (PET), 254 Premiums on leases, 90 Pre-trading expenditure, 110, 280 Principal private residence, 199 Private incidental expenses, 58 Private use assets, 126 Private use of other assets, 64 Property business, 86 income, 281 losses (corporation tax), 322 losses (income tax), 91 Qualifying charitable donations, 282 Qualifying corporate bond (QCB), 226 Qualifying loans, 64 R ecords, 234, 340 Recovery of overpaid tax, 236 Removal expenses, 67 Rent a room relief, 89 Reorganisations, 224 Repayment supplement, 241 Replacement of business assets, 210 Residence, 19 Residence of companies, 278 Residual charge, 66 Returns, 339 Revenue and customs brief, Rights issues, 223 Rollover relief, 210, 309 Rollover relief (groups), 333 Savings certificates, 25 Savings income, 23 Scholarships, 65 Self assessment, 232, 235, 338 Self employment, 42 Shares, 221 Short life asset, 129 Small gifts exemptions, 266 Small profits rate, 291 Special rate pool, 125 Staff parties, 68 Statements of practice, Statute, Statutory instruments, Statutory mileage allowances, 49 Subscriptions, 103 Takeovers, 225 Tax avoidance, Tax evasion, Tax law, Tax liability, 23 Tax payable, 23, 28 Tax returns, 233 Tax tribunal, Tax year, 22 Taxable benefits, 55 Taxable earnings, 44 Taxable income, 22, 23 Taxable supply, 351 Taxable total profits, 279 Taxation in a modern economy, Taxes, Temporary workplace, 47 Terminal trade loss relief (income tax), 155 Total income, 23 Trade loss relief against general income, 148 Trade loss relief against total profits, 315 Trading losses, 314 Trading losses relieved against capital gains, 149 Transfer of value, 253 Transfers between spouses/civil partners, 189 Travelling expenses, 46 Tribunal hearings, 245, 341 , Index 471 Value added tax (VAT) administration, 358 annual accounting scheme, 376 cash accounting scheme, 376 deregistration, 357 electronic filing, 359 exempt supplies, 353 flat rate scheme, 377 impairment losses, 365 input tax, 362 non-deductible input tax, 363 penalties, 372 pre-registration input tax, 358 records, 371 registration, 354 substantial traders, 359 supplies of goods, 352 supplies of services, 352 472 Index tax point, 360 taxable persons, 353 VAT fraction, 361 VAT invoices, 370 VAT periods, 359 zero rated supplies, 353 Valuing quoted shares, 220 Vans, 62 Vouchers, 55 Wasting asset, 196 Wear and tear allowance, 87 Wholly and exclusively for the purposes of the trade, 99 Writing down allowance (WDA), 120 Year of assessment, 22 , Notes 473 474 Notes Review Form – Paper F6 (Taxation) Finance Act 2013 (11/13) Please help us to ensure that the ACCA learning materials we produce remain as accurate and user-friendly as possible We cannot promise to 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