ACCA - F6 - Taxation FA 2010: Study Text by BPP Learning Media Ltd

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Further details of all these taxes are found later in this Text. The other taxes referred to in the previous section, such as landfill tax, are not examinable at F6. 6 1: Introduction to the UK tax system ⏐ Part A UK tax system Finance Acts are passed each year, incorporating proposals set out in the Budget. They make changes which apply mainly to the tax year ahead. This Study Text includes the provisions of the Finance Act 2010 and the Finance (No. 2) Act 2010. These are the Finance Acts examinable in June and December 2011.

In 2010/11 an individual can invest £10,200 in ISAs, of which up to £5,100 can be held as cash. Funds invested in ISAs can be used to buy stock market investments, such as shares in quoted companies or OEICs, units in unit trusts, fixed interest investments, or insurance policies. Dividend income and interest received from ISAs is exempt from income tax, whether it is paid out to the investor or retained and reinvested within the ISA. Similarly, capital gains made within an ISA are exempt from capital gains tax.

Finally deduct the tax deducted at source from savings income such as bank interest and from employment income under the Pay As You Earn (PAYE) scheme. These amounts can be repaid to the extent that they exceed the income tax liability. 3 Examples: personal tax computations (a) Kathe has a salary of £15,000 and receives dividends of £4,500. Non-savings income £ Earnings 15,000 Dividends £4,500 × 100/90 Net income 15,000 Less personal allowance (6,475) Taxable income 8,525 Dividend income £ Total £ 5,000 5,000 20,000 5,000 13,525 £ Income tax Non savings income £8,525 × 20% Dividend income £5,000 × 10% Tax liability Less tax credit on dividend Tax payable 1,705 500 2,205 (500) 1,705 The dividend income falls within the basic rate band so it is taxed at 10%.

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