By Emile Woolf International Publishing
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Additional info for ACCA F6 UK TAXATION (Finance Act 2010)
Ad valorem principle This is the percentage of tax added to the value of goods. 5% VAT on most goods sold in the UK. VAT is said to be a regressive tax as a low earner will spend more of their income than a high earner. 1 Income tax Income tax is payable by individuals on their earned income, such as employment income, self-employment income and pensions. It is collected from employees using the Pay As You Earn (PAYE) system, and from self-employed individuals using the self assessment system. Income tax is also payable by individuals on their other income, such as bank interest, dividends and rental income.
The rental income assessment is therefore the overall net profits of all properties rented by that individual. However, there are two exceptions to this rule. Profits/losses derived from the following properties are not pooled with the other properties but are calculated separately: ‘furnished holiday lettings’, and properties let at a nominal rent. These are considered in detail in later sections of this chapter. 58 © Emile Woolf Publishing Limited Chapter 3: Income from property The proforma computation shown below can be used to calculate the rental income assessment for an individual.
No relief is available for any plant and machinery provided with the property. In practice, the wear and tear allowance is usually claimed instead of the renewals basis. In an examination question, always give the wear and tear allowance unless the question specifically refers to the alternative allowance available. UK property income losses If the allowable revenue expenses exceed the rents accrued on all properties pooled together, an overall net loss arises. In this case, for income tax purposes: the UK property income assessment for the tax year is £Nil, and the loss arising can only be carried forward and set against future UK property income.