Day: April 1, 2021

Introduction In the previous chapters, we have studied the comprehensive computation of income tax and capital gains tax liabilities. In this chapter, we look at the overall system for the administration of tax. We then see how individuals and partnerships Read More …

Introduction In the previous chapters, we have learnt how to calculate capital gains and we have looked at some of the reliefs available. We now look at some more of the rules for particular assets and particular situations. First, we Read More …

Introduction In the previous chapters, we have seen how to calculate chargeable gains. We now look at various reliefs relating to gains. Entrepreneurs’ relief is a very important relief. It applies on the disposal of a business and on the Read More …

Introduction In the previous chapter, we have revised the basic computation of chargeable gains and how to calculate the CGT payable. In this chapter, we look at shares and securities held by individuals. Shares and securities need special treatment because Read More …

Introduction Now that we have concluded our study of the income tax computation we can consider the capital gains tax computation. The two must be kept separate. Capital gains arise when taxpayers dispose of assets, such as investments or capital Read More …

 Introduction In the previous chapters, we have studied most aspects of income tax. In this chapter we will look at the overseas aspects of income tax. We start this chapter, by considering where taxpayers are resident and domiciled and at Read More …

Introduction In the previous chapters, we have dealt with the income tax rules for sole traders. We now see how those rules are adapted to deal with business partnerships. On the one hand, a partnership is a single trading entity, Read More …

Introduction In previous chapters, we have looked at the income tax computation, property and investment income and employment income. We are now going to look at the taxation of unincorporated businesses. We work out a business’s profit as if it Read More …

Introduction In the previous chapter, we saw how to adjust the accounting profit to find taxable trade profits and how to allocate those profits to tax years. The adjustments included adding back depreciation as a disallowable expenses and deducting capital Read More …

Introduction In previous chapters, we have looked at the income tax computation, property and investment income and employment income. We are now going to look at the taxation of unincorporated businesses. We work out a business’s profit as if it Read More …