Taxation : finance act 2015 / / Alan Melville

• Record Nr.: UNINA9910153250603321
• Autore: Melville Alan
• Pubbl/distr/stampa: Harlow, England : , : Pearson, , 2016; ©2016
• ISBN: 1-292-08635-1
• Edizione: [21th ed.]
• Descrizione fisica: 1 online resource (625 pages) : illustrations
• Disciplina: 343.4104
• Soggetti: Taxation - Law and legislation - England
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Includes index.
• Nota di contenuto: Cover -- Title Page -- Copyright -- Contents -- Preface -- Acknowledgements -- Summary of tax data -- Part 1 INCOME TAX AND NATIONAL INSURANCE -- 1 Introduction to the UK tax system -- UK taxes -- Sources of tax law -- The tax year -- Structure of HM Revenue and Customs -- Administration of the tax system -- Self Assessment -- Appeals -- Tax evasion -- Tax avoidance -- The HMRC Charter -- 2 Introduction to income tax -- Taxable persons -- Classification of income -- Exempt income -- Structure of an income tax computation -- Married couples and civil partners -- Rates of income tax for 2015-16 -- Income taxed at source -- Savings income -- Dividends from UK companies -- 3 Personal allowances -- Personal allowances for 2015-16 -- The personal allowance -- Blind person's allowance -- Tax reducers -- Married couple's allowance -- 4 Payments and gifts eligible for tax relief -- Payments and gifts deductible from total income -- Eligible interest payments -- Annual payments -- Gifts of shares or property to charity -- Payments which are tax reducers -- Maintenance payments -- Loans used to purchase a life annuity -- Gifts of pre-eminent property to the nation -- Gift Aid -- 5 Income from property -- Definition of property income -- Basis of assessment and allowable expenditure -- Capital expenditure -- Losses -- Lease premiums -- Rent-a-room" relief -- Furnished holiday lettings -- 6 Income from savings and investments -- Interest received -- Dividends received -- Tax-efficient investments -- Individual Savings Accounts -- Enterprise Investment Scheme -- Venture Capital Trusts -- Child Trust Funds -- ; Income from trusts and settlements -- Miscellaneous income -- 7 Income from employment (1) -- Employment and self-employment -- Basis of assessment -- Employment income -- Non-taxable employment income -- Allowable expenses.; Payments made on termination of employment -- The PAYE system -- Construction industry scheme -- Employee incentive schemes -- 8 Income from employment (2) -- Benefits in kind -- Benefits assessable on all employees -- Special rules for P11D employees -- 9 Income from self-employment: Computation of income -- The badges of trade -- The calculation of trading profits -- Deductibility of expenditure -- Disallowed expenditure -- Allowable expenditure -- Trading income not in the accounts -- Non-trading income in the accounts -- Expenditure not in the accounts -- Post-cessation receipts -- Cash basis and simplified expenses -- 10 Income from self-employment: Basis periods -- The current year basis -- Commencement of trade -- Cessation of trade -- Change of accounting date -- Averaging of trading profits for farmers and creative artists -- 11 Income from self-employment: Capital allowances -- Eligible expenditure -- Chargeable periods -- Plant and machinery -- Capital allowances on plant and machinery -- Writing down allowance -- Annual investment allowance -- First year allowance -- Balancing allowances and charges -- Non-pooled assets -- Allowances on cessation of trade -- Miscellaneous capital allowances -- 12 Income from self-employment: Trading losses -- Relief for trading losses -- Carry-forward trade loss relief -- Trade loss relief against total income -- Early trade losses relief -- Terminal trade loss relief -- Post-cessation trade relief -- Transfer of a business to a company -- Losses on shares in unlisted trading companies -- Limit on income tax reliefs -- 13 Income from self-employment: Partnerships -- Principles of partnership taxation -- Notional profits and losses -- Change in partnership composition -- Non-trading income -- Trading losses -- 14 Pension contributions -- Registered pension schemes.; Tax relief for contributions by scheme members -- Tax relief for contributions by employers -- Annual allowance charge -- Lifetime allowance charge -- 15 Payment of income tax, interest and penalties -- Payment of income tax -- Late payment penalties -- Interest on overdue income tax -- Interest on overpaid income tax -- Penalties -- 16 National Insurance contributions -- Class 1 -- Class 1A -- Class 1B -- Class 2 -- Class 3 and 3A -- Class 4 -- Annual maximum contributions -- Review questions (Set A) -- Part 2 CAPITAL GAINS TAX -- 17 Introduction to capital gains tax -- Chargeable persons -- Chargeable assets -- Chargeable disposals -- Basis of assessment -- Rates of CGT -- Relief for capital losses -- Relief for trading losses -- Administration of CGT -- 18 Computation of gains and losses -- Layout of a CGT computation -- Disposal value -- Allowable expenditure -- Part disposals -- Assets with negligible value -- Assets held on 31 March 1982 -- 19 Chattels and wasting assets -- The chattels exemption -- Chattels disposed of at a loss -- Part disposals of chattels -- Wasting chattels -- Wasting assets -- Leases -- 20 Shares and securities -- The share matching rules -- The Section 104 holding -- Bonus issues -- Rights issues -- Capital distributions -- Takeovers -- Gilts and qualifying corporate bonds -- 21 Principal private residences -- Principal private residence -- Partial exemption -- Deemed residence -- Letting relief -- Business use -- 22 CGT reliefs -- Damaged assets -- Destroyed assets -- Replacement of business assets -- Gift of business assets -- Transfer of a business to a limited company -- Entrepreneurs' relief -- Reinvestment into EIS shares -- Loans to traders -- Review questions (Set B) -- Part 3 ; CORPORATION TAX -- 23 Introduction to corporation tax -- Scope of corporation tax -- Accounting periods -- Taxable total profits.; Trading income -- Income from property -- Income from non-trading loan relationships -- Miscellaneous income -- Franked investment income -- Relief for charitable donations -- Loan relationships -- Long periods of account -- 24 Corporate chargeable gains -- Chargeable disposals and chargeable assets -- Basis of assessment -- Computation of gains and losses -- Indexation allowance -- Assets held on 31 March 1982 -- The rebasing election -- Assets acquired before 6 April 1965 -- Disposals of shares or securities -- Disincorporation relief -- 25 Computation and payment of the corporation tax liability -- Corporation tax financial years -- Rates of corporation tax -- Marginal relief -- Due date of payment -- Accounting for income tax deducted at source -- Shadow ACT -- Self Assessment -- Interest on underpaid and overpaid corporation tax -- Penalties -- 26 Corporation tax losses -- Relief for trading losses -- Carry forward of trade loss relief -- Unrelieved charitable donations -- Trade loss relief against total profits -- Repayments of corporation tax -- Anti-avoidance legislation -- Choice of loss relief -- Non-trading losses -- 27 Close companies and companies with investment business -- Close companies -- Definition of a close company -- Exceptions -- Consequences of close company status -- Close investment-holding companies -- Companies with investment business -- Unincorporated business vs close company -- Incorporation -- 28 Groups of companies and reconstructions -- Related 51% group companies -- Associated companies -- Transfer pricing -- 51% groups -- 75% groups -- Group relief -- Transfer of chargeable assets within a group -- Capital losses -- Consortia -- Company reconstructions -- Review questions (Set C) -- Part 4 MISCELLANEOUS -- 29 Value added tax (1) -- The principle of VAT -- Taxable persons -- Taxable supplies -- Exempt supplies.; Reduced rate supplies -- Zero rate supplies -- The value of a supply -- Imports and exports -- Registration -- Deregistration -- 30 Value added tax (2) -- Accounting for VAT -- The tax point -- Tax invoices -- Accounting records -- Special schemes -- Retail schemes -- Bad debts -- Non-deductible input tax -- Partial exemption -- Administration of VAT -- Penalties, surcharges and interest -- 31 Inheritance tax -- Chargeable transfers of value -- Exempt transfers -- Potentially exempt transfers -- IHT payable on chargeable lifetime transfers -- IHT payable on death -- Valuation -- Business property relief -- Agricultural property relief -- Administration of IHT -- 32 Overseas aspects of taxation -- Residence and domicile -- Income tax - general rules -- Double taxation relief -- Income from employment -- Trading income -- Income from property and investments -- Capital gains tax - general rules -- Inheritance tax - general rules -- Corporation tax - general rules -- Controlled foreign companies -- Double taxation relief for companies -- Diverted profits tax -- Review questions (Set D) -- Part 5 ANSWERS -- Answers to exercises -- Answers to review questions -- Index.
• Sommario/riassunto: "It's simply peerless - there's no other book with this range of coverage and this amount of class questions. Melville deserves its place as the UK's leading tax textbook" Christopher Coles, University of Stirling "The book fits very well with the content and learning objectives of taxation modules" Gwen Hannah, University of Dundee Now in its 21st annual edition, Melville's Taxation continues to be the definitive, market-leading text on UK taxation. This text serves as a comprehensive guide for students taking a first level course in the subject. Featuring clean, uncluttered prose and a wealth of immensely ; practical examples, this edition brings the book completely up to date with the provisions of the Finance Act 2015. Comprehensively updated to reflect the Finance Act 2015, including: This book will be of value to both undergraduate and professional students of business and accounting, and will be particularly useful for students preparing for the following examinations: ICAEW Professional Stage, Principles of Taxation; Taxation; ACCA Fundamentals Level, Taxation; ACCA Technician Scheme, Foundations in Taxation; CIPFA Diploma Stage, Public Finance and Taxation; AAT Level 4 Diploma, Personal Tax and Business Tax; ATT Certificates, Personal Taxation; Business Taxation and Accounting Principles; AIA Foundation Level, Auditing and Taxation; IFA Level 4, Tax for SMEs. Visit www.pearsoned.co.uk/melville for our suite of resources to accompany this textbook, including a complete solutions guide and Powerpoints slides for each chapter; opportunities for extra practice, and links to relevant web pages. Alan Melville FCA BSc Cert Ed. is a best-selling author. Previously a Senior Lecturer at Nottingham Trent University, he has many years' experience of teaching; accounting and financial reporting. &nbsp.