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1、Professional Level Options ModuleTime allowed Reading and planning:15 minutes Writing:3 hoursThis paper is divided into two sections:Section A BOTH questions are compulsory and MUST be attemptedSection B TWO questions ONLY to be attemptedTax rates and allowances are on pages 25Do NOT open this paper
2、 until instructed by the supervisor. During reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the supervisor. This question paper must not be removed from the examination hall.Paper P6 (UK)Advanced Taxation (United Kingd
3、om)Friday 7 December 2012The Association of Chartered Certified AccountantsSUPPLEMENTARY INSTRUCTIONS1.You should assume that the tax rates and allowances for the tax year 2011/12 and for the financial year to 31 March 2012 will continue to apply for the foreseeable future unless you are instructed
4、otherwise. 2.Calculations and workings need only be made to the nearest . 3.All apportionments should be made to the nearest month. 4.All workings should be shown.TAX RATES AND ALLOWANCESThe following tax rates and allowances are to be used in answering the questions.Income tax NormalDividend ratesr
5、ates % Basic rate1 35,0002010 Higher rate35,001 to 150,00040325 Additional rate150,001 and over50425A starting rate of 10% applies to savings income where it falls within the first 2,560 of taxable income.Personal allowances Personal allowanceStandard 7,475 65 749,940 75 and over10,090 Income limit
6、for age related allowances24,000 Income limit for standard personal allowance100,000Car benefit percentageThe base level of CO2emissions is 125 grams per kilometre.A rate of 5% applies to petrol cars with CO2emissions of 75 grams per kilometre or less, and a rate of 10% applies where emissions are b
7、etween 76 and 120 grams per kilometre.Car fuel benefitThe base figure for calculating the car fuel benefit is 18,800.Individual savings accounts (ISAs)The overall investment limit is 10,680, of which 5,340 can be invested in a cash ISA.Pension scheme limitsAnnual allowance50,000 Lifetime allowance1,
8、800,000 Maximum contribution that can qualify for tax relief without evidence of earnings3,6002Authorised mileage allowances: carsUp to 10,000 miles45p Over 10,000 miles25pCapital allowances: rates of allowance % Plant and machinery Main pool20 Special rate pool10Motor cars (purchases since 6 April
9、2009 (1 April 2009 for limited companies) New cars with CO2emissions up to 110 grams per kilometre100 CO2emissions between 111 and 160 grams per kilometre20 CO2emissions over 160 grams per kilometre10Annual investment allowance First 100,000 of expenditure100Corporation taxFinancial year200920102011
10、 Small profits rate21%21%20% Main rate28%28%26% Lower limit1,300,0001,300,0001,300,000 Upper limit1,500,0001,500,0001,500,000Standard fraction7/4007/4003/200Marginal Relief Standard fraction x (U A) x N/AValue added tax (VAT)Standard rate20% Registration limit73,000 Deregistration limit71,0003P.T.O.
11、Inheritance tax: nil rate bands and tax rates 6 April 2011 to 5 April 2012325,000 6 April 2010 to 5 April 2011325,000 6 April 2009 to 5 April 2010325,000 6 April 2008 to 5 April 2009312,000 6 April 2007 to 5 April 2008300,000 6 April 2006 to 5 April 2007285,000 6 April 2005 to 5 April 2006275,000 6
12、April 2004 to 5 April 2005263,000 6 April 2003 to 5 April 2004255,000 6 April 2002 to 5 April 2003250,000 6 April 2001 to 5 April 2002242,000 6 April 2000 to 5 April 2001234,000 6 April 1999 to 5 April 2000231,000 6 April 1998 to 5 April 1999223,000 6 April 1997 to 5 April 1998215,000Rate of tax on
13、excess over nil rate band Lifetime rate20% Death rate40%Inheritance tax: taper reliefYears before death:% reduction More than 3 but less than 4 years20 More than 4 but less than 5 years40 More than 5 but less than 6 years60 More than 6 but less than 7 years80Capital gains tax% Rate of tax Lower rate
14、18 Higher rate28Annual exempt amount10,600Entrepreneurs relief Lifetime limit10,000,000 Rate of tax 10%4National insurance contributions (not contracted out rates)% Class 1Employee1 7,225 per yearNil 7,226 42,475 per year120 42,476 and above per year120Class 1Employer1 7,072 per yearNil 7,073 and ab
15、ove per year138Class 1A138Class 2250 per week Small earnings exception limit 5,315Class 41 7,225 per yearNil 7,226 42,475 per year90 42,476 and above per year20Rates of interest (assumed)Official rate of interest 40% Rate of late payment interest 30% Rate of repayment interest05%Stamp duty land tax%
16、 150,000 or less (1)Nil 150,001 250,000 (2)1 250,001 500,0003 500,001 1,000,0004 1,000,001 or more (3)5(1) For residential property, the nil rate is restricted to 125,000. (2) From 25 March 2010 to 24 March 2012 there is an exemption for first time buyers purchasing residential properties for no more than 250,000. (3) The 5% rate applies to residential properties only.Stamp dutyShares05%
