Income Tax
Made Simple
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Income Tax: Made Simple discusses the fundamental concepts of taxation. It is addressed to the growing number of people, who need to have a better understanding of the effects of taxation on the financial side of life. This comprehensive text includes discussions of the UK's tax system and its administration; general principles of income tax; tax reform proposals; the taxation of husband and wife; capital allowances; taxation of employees; and taxation of dividends and other income. The final chapter on 'Tax Planning' sets out how the individual can reduce his or her tax bill at various stages during one's life-time. The book will be helpful to students of business law and accountancy preparing for examinations of all the major professional bodies, e.g., Institutes of Chartered Accountants, for England and Wales and Scotland, Institute of Bankers, Institute of Scottish Bankers, Association of Certified Accountants, Chartered Institute of Secretaries and Administrators, Institute of Cost and Management Accountants, and the Law Society. It is also suitable for students on Degree Courses at Universities and Polytechnics and BTEC students in accountancy, business studies, and law.
Table of Contents
Preface
1 Introduction
1.1 Why Pay Taxes?
1.2 Basic Definitions
1.3 Taxation and Incentives
1.4 The Poverty Trap
1.5 The Effect of Inflation
1.6 The Relative Importance of Individual Taxes
1.7 Taxation in Different Countries
1.8 The Revision Test
2 The Present System and Its Administration
2.1 The History and the Present System
2.2 The Officials
2.3 Organization
2.4 Regional and Local Offices
2.5 The Procedure of Assessment
2.6 The Black Economy
2.7 Annual Tax Return
2.8 Additional Assessments
2.9 Error or Mistake Claims
2.10 Tax Remission due to Official Error
2.11 Penalties
2.12 Interest on Unpaid Tax and Repayment Supplement
2.13 Taxation at Source
2.14 Appeals Procedure
2.15 Procedure at the Appeal Hearing
2.16 Costs Involved when Disagreeing with the Inspector
2.17 Adequacy of the Inland Revenue Powers
2.18 Revision Test
3 General Principles of Income Tax
3.1 The Income Tax Year
3.2 The Nature of Tax Law
3.3 Basic Questions
3.4 What is Income for Tax Purposes?
3.5 Who is Liable to Pay Tax?
3.6 Income Specifically Exempt from Tax
3.7 Receipts Not Regarded as Income
3.8 Persons Specifically Exempt from Tax
3.9 The Concept of Total Income
3.10 Tax-Free Personal Allowances
3.11 Higher Rate Bands
3.12 Revision Test
4 The Treatment of Husband and Wife
4.1 Historical Development
4.2 The Effect of a Claim under Section 38 of ICTA
4.3 Effect of Wife's Earnings Election
4.4 Equal Opportunities Commission's Response to Green Paper
4.5 Proposals during the 1983 Election
4.6 The Effect of Unemployment on the Present Situation
4.7 The Use of the Seven Year Covenant to Save Tax
4.8 The Breakdown of Marriage
4.9 Revision Test
5 Income from Land and Property
5.1 Schedule A
5.2 Basis of Assessment
5.3 Allowable Deductions
5.4 Conditions Governing Allowances
5.5 Losses
5.6 Lost Rent Relief
5.7 Premiums on Leases
5.8 Other Payments treated as Premiums
5.9 Top-Slicing Relief in Respect of Premiums
5.10 Schedule B
5.11 Revision Test
6 Income of the Self-Employed
6.1 What Constitutes Trading?
6.2 What Constitutes a Profession?
6.3 What Constitutes a Vocation?
6.4 What Constitutes a Trading Receipt?
6.5 Receipts to be Excluded
6.6 Allowable Business Expenses
6.7 Expenses Specifically Prohibited
6.8 Expenses Specifically Allowed by Statute
6.9 Stock Relief
6.10 Basis Periods
6.11 Change of Accounting Date
6.12 Special Basis Periods for Farmers
6.13 The Correct Schedule of Charge
6.14 National Insurance Contributions
6.15 Revision Test
7 Capital Allowances
7.1 What Assets Qualify
7.2 Plant and Machinery
7.3 Industrial Buildings and Structures
7.4 Mines and Oilwells
7.5 Agricultural Buildings
7.6 UK Patents
7.7 Scientific Research
7.8 Dredging
7.9 Know-how
7.10 Hotels
7.11 Crematoria and Cemeteries
7.12 Small Workshops
7.13 Enterprise Zones
7.14 Revision Test
8 Business and other Losses
8.1 Loss in Trade Set against Other Income
8.2 Loss In Early Years of a Business
8.3 Loss in Aggregation
8.4 Trading Losses Carried Forward
8.5 Terminal Losses
8.6 Loss of Trader Who Becomes Company Director
8.7 Relief for Losses on Unquoted Shares in Trading Companies
8.8 Annual Payments
8.9 Revision Test
9 Setting up in Business and Forming a Partnership
9.1 Tax Treatment of Employee: Starting a Business
9.2 Basis Period for a New Business
9.3 Basis Period When Closing a Business
9.4 Changing the Accounting Date
9.5 Forming a Partnership
9.6 What Constitutes a Partnership?
9.7 Assessment of Partnerships - Share of Partners
9.8 Change in Partnership
9.9 Partner Residing Abroad
9.10 Partnerships Involving Companies
9.11 Revision Test
10 Taxation of Employees
10.1 Schedule E
10.2 Foreign Emoluments
10.3 Earnings from Overseas Employment
10.4 Pensions
10.5 Foreign Pensions and Annuities
10.6 Employments with International Organizations
10.7 The Difference between Schedule D and Schedule E
10.8 Meaning of the Term 'Emoluments of Office or Employment'
10.9 Basis of Assessment
10.10 Directors of Higher-Paid Employees
10.11 Exclusion of Certain Directors
10.12 Dispensation for Payment of Allowable Expenses
10.13 Fringe Benefits
10.14 Scale Charges for Directors' and Higher-Paid Employees
10.15 Scholarship Income
10.16 Share Option and Share Incentive Schemes
10.17 Profit Sharing Schemes
10.18 Expenses
10.19 Terminal Payments
10.20 Pay as You Earn
10.21 Purchasing Pension Rights
10.22 Revision Test
11 Treatment of Taxed and Untaxed Interest Dividends and other Income
11.1 Interest-Paid Government Securities and Debentures
11.2 Assessments Under Case III of Schedule D
11.3 Basis of Assessment
11.4 Transferring Untaxed Interest to Taxed Interest
11.5 What Constitutes a New Source under Case III
11.6 Taxed Interest, Annuities, Alimony, etc., Paid in Arrears
11.7 Dividends
11.8 Capital Distributions Made in Cash and Scrip Dividend Options
11.9 Miscellaneous Income
11.10 Furnished Holiday Letting
11.11 Basis Period for Case VI
11.12 Case VI Losses
11.13 Claw-Back of Life Assurance Relief
11.14 Chargeable Event on Non-qualifying Policies and Bonds
11.15 Revision Test
12 Treatment of Foreign Income and Non-residents
12.1 Income Assessed Directly on the Recipient
12.2 Basis of Assessment
12.3 Double Tax Relief
12.4 Double Tax Relief on Dividends Paid through an Agent
12.5 Unilateral Relief
12.6 Alimony
12.7 Residence
12.8 Ordinarily Resident
12.9 Domicile
12.10 Husband and Wife
12.11 Taxation of Non-residents
12.12 Revision Test
13 The Treatment of Settlements and Trusts
13.1 Tax Liability of the Deceased
13.2 Deceased Estates
13.3 Treatment of Trustees
13.4 Trusts where the Settlor is Still Living
13.5 Settlement by a Parent in Favor of Own Child
13.6 Accumulation Settlements for Children
13.7 Discretionary Trusts
13.8 Foreign Trusts
13.9 Revision Test
14 Tax Planning
14.1 Common Sense and a Sense of Proportion
14.2 The Problem of Starting Employment
14.3 Tax-Efficient Savings
14.4 The Age Allowance Gap
14.5 Getting Married
14.6 Covenants
14.7 Gifts and Settlements
14.8 The Break-up of Marriage
14.9 Setting up in Business
14.10 Forming a Partnership
14.11 Forming a Company
14.12 Working Overseas
14.13 Questions of Residence, Ordinarily Resident and Domicile
14.14 Tax-Efficient Investment
14.15 Considerations on Retirement
14.16 Capital Conversion Schemes
14.17 The Investment of Lump Sum (Redundancy) Payments
14.18 Revision Test
Abbreviations
Table of Cases
Index
Product details
- No. of pages: 222
- Language: English
- Copyright: © Made Simple 1985
- Published: January 1, 1985
- Imprint: Made Simple
- eBook ISBN: 9781483135441
About the Author
Henry Toch
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