ACCA考试复习回顾《税务F6》辅导3

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CHARGEABLE GAINS

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This article looks at chargeable gains in either a personal or corporate context. This article is relevant to candidates sitting Paper F6 （UK） in 2013

This two-part article is relevant to candidates sitting Paper F6 （UK） in either the June or December 2013 sittings, and is based on tax legislation as it applies to the tax year

（Finance Act 2012）。

Question 3 of Paper F6 （UK） focuses on chargeable gains in either a personal or a corporate context, and will be for 15 marks. A small element of chargeable gains may also be included in any of the other questions.

PERSONAL CHARGEABLE GAINS

Scope of capital gains tax （CGT） CGT is charged when there is a chargeable disposal of a chargeable asset by a chargeable person.

A chargeable disposal includes part disposals and the gift of assets. However, the transfer of an asset upon death is an exempt disposal. A person who inherits an asset takes it over at its value at the time of death.

20 June 2012, and the land was inherited by his son, William. On that date the land was

The transfer of the land on Jorgeˇs death is an exempt disposal.

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All forms of property are chargeable assets unless exempted. The most important exempt assets as far as Paper F6 （UK） is concerned are:

Certain chattels （see later）

Motor cars

UK Government securities （Gilts）

In determining whether or not an individual is chargeable to CGT it is necessary to consider their residence status.

Example 2 Explain when a person will be treated as resident or ordinarily resident in the UK for a particular tax year and state how a personˇs residence status establishes whether or not they are liable to CGT.

A person will be resident in the UK during a tax year if they are present in the UK for 183 days or more.

A person will also be treated as resident if they make substantial visits to the UK, with visits averaging 91 days or more over four consecutive tax years.

Ordinary residence is not precisely defined, but a person will normally be ordinarily resident in the UK if this is where they habitually reside.

A person is liable to CGT on the disposal of assets during any tax year in which they are either resident or ordinarily resident in the UK.

Basic computation For individuals the basic CGT computation is quite straightforward.

during March 2004. During May 2006 the roof of the factory was replaced at a cost of

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Cost

164,000

Enhancement expenditure 37,000

Incidental costs （3,600 + 5,800）

9,400

_______ （210,400）

________ Chargeable gain 109,600

Annual exempt amount

（10,600） _______

Taxation gain

99,000 _______

The factory extension is enhancement expenditure as it has added to the value of the factory.

The replacement of the roof is not enhancement expenditure, being in the nature of a repair.

Note that the standardised term ˉchargeable gainˇ refers to the gain before deducting the annual exempt amount, while the term ˉtaxable gainˇ refers to the gain after deducting the annual exempt amount.

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Capital losses Capital losses are set off against any chargeable gains arising in the same tax year, even if this results in the annual exempt amount being wasted. Any unrelieved capital losses are carried forward, but in future years they are only set off to the extent that the annual exempt amount is not wasted.

Example 4 F

Capital losses brought forward

（7,000） _______

Chargeable gains

10,600 Annual exempt amount （10,600）

_______ Taxable gains Nil

_______

Rates of CGT The rate of CGT is linked to the level of a personˇs taxable income. Taxable gains are taxed at a lower rate of 18% where they fall within the basic rate tax band the basic rate band is extended if a person pays personal pension contributions or makes a gift aid donation.

CGT is collected as part of the self-assessment system, and is due in one amount on 31 payable on 31 January 2014. Payments on account are not required in respect of CGT.

（

）。 （

10,600） so that chargeable gains are reduced to the amount of the annual exempt amount.

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8,105）。 100/80）），

（6,800 at 18%）。

tax band has be（ （follows:

6,830 at 28%

1,912 _______

3,059 _______

In each case, the CGT liability will be due on 31 January 2014.

（

（

） of his basic rate tax band is unused. T

） is therefore calculated as

），

）

（8,000 at 28%）。 （

）， so all of her basic rate

（17,400 less the annual exempt amount of 10,600） （

（40,105 less the personal allowance of

（34,370 + 5,500 （4,400 x

） is unused.

05. On 20 August 2012 she

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Entrepreneursˇ relief A reduced CGT rate of 10% applies if a disposal qualifies for entrepreneursˇ relief. This rate applies regardless of the level of a personˇs taxable income. Entrepreneursˇ relief can be claimed when an individual disposes of a business or a part of a business as follows:

A disposal of the whole or part of a business run as a sole trader. Relief is only available in respect of chargeable gains arising from the disposal of assets in use for the purpose of the business. This will exclude chargeable gains arising from investments.

The disposal of shares in a trading company where an individual has at least a 5% shareholding in the company and is also an officer or an employee of the company. Provided the limited company is a trading company, there is no restriction to the amount of relief if it holds non-trading assets such as investments.

t are taxed as normal at the 18% or 28% rates.

Assets must have been owned for one year prior to the date of disposal in order to qualify, and the qualifying conditions must have been met for a similar period.

Example 6 On 15 October 2012 the four shareholders of Alphabet Ltd, an unquoted trading company, all sold their shares in the company. Alphabet Ltd has a share capital of

Aloi had been the managing director of Alphabet Ltd since the companyˇs incorporation on 1 January 2002. She had held 60,000 shares since 1 January 2002.

Bon had been the sales director of Alphabet Ltd since 1 February 2012, having not previously been an employee of the company. She had held 25,000 shares since 1 February 2012.

Cherry had never been an employee or a director of Alphabet Ltd. She had held 12,000 shares since 27 July 2005.

Dee had been an employee of Alphabet Ltd since 1 May 2003. She had held 3,000 shares since 20 June 2004.

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刪 Aloiˇs disposal qualified for entrepreneursˇ relief because she was a director of Alphabet Ltd, had a shareholding of 60% （60,000/100,000 x 100）， and these qualifying conditions were met for one year prior to the date of disposal.

刪 Bonˇs disposal did not qualify for entrepreneursˇ relief because she only acquired her shareholding and became a director on 1 February 2012. The qualifying conditions were therefore not met for one year prior to the date of disposal.

刪 Cherryˇs disposal did not qualify for entrepreneursˇ relief because she was not an officer or an employee of Alphabet Ltd.

刪 Deeˇs disposal did not qualify for entrepreneursˇ relief because her shareholding of 3% （3,000/100,000 x 100） was less than the minimum required holding of 5%.

Example 7 On 25 January 2013 Michael sold a 30% shareholding in Green Ltd, an Michael had owned the shares since 1 March 2006, and was an employee of the company from that date until the date of disposal.

Annual exempt amount

（10,600） _______

789,400 _______

Capital gains tax: 789,400 at 10%

78,940 _______

Although chargeable gains that qualify for entrepreneursˇ relief are always taxed at a rate of 10%, they must be taken into account when establishing which rate applies to other

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chargeable gains. Chargeable gains qualifying for entrepreneursˇ relief therefore reduce the amount of any unused basic rate tax band.

The annual exempt amount and any capital losses should be initially deducted from those chargeable gains that do not qualify for entrepreneursˇ relief. This approach will save CGT at either 18% or 28%, compared to just 10% if used against chargeable gains that do qualify for relief.

There are several ways of presenting computations involving such a mix of gains, but the simplest approach is to keep gains qualifying for entrepreneursˇ relief and other gains separate.

Example 8 On 30 September 2012 Mika sold a business that she had run as a sole trader since 1 January 2006. The disposal resulted in the following chargeable gains:

Freehold office building

370,000 Freehold warehouse 170,000

_______ 800,000

_______

The assets were all owned for more than one year prior to the date of disposal. The warehouse had never been used by Mika for business purposes.

Goodwill

370,000 Freehold office building _______

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630,000 _______

Other gains

Freehold warehouse 170,000

Capital losses brought forward

（28,000） _______

142,000

_______ 131,400

_______ Capital gains tax: 630,000 at 10% 63,000

131,400 at 28%

36,792 _______

Tax liability

99,792 _______

（10,600）

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