PTAX Personal Taxation

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Presentation transcript:

PTAX Personal Taxation Savings & Investments (Interest & dividends)

Objectives To be able to: Explain the basis on which investment income is taxed Identify income which is not taxed at source Identify income which is exempt from tax Gross-up income and calculate the tax due Explain record-keeping requirements

Dividends 150,000 31,785 5,000 Savings Non-savings 3

Taxation of Investment Income Receipts or accrual?

Tax at source What is meant when we say investment income is taxed at source? What investment income is not taxed at source?

Gross (assessable) income: Questions Net savings income = £160 20% tax already deducted Gross = ??? Net dividend income = £270 10% tax already deducted

Tax-free Income What investment income is exempt from income tax?

Record-keeping: Question What records might you keep relating to investment income?

HOMEWORK Tutorial book questions 3.2, 3.1, 3.3-3,7, 1.2, 1.4, 1.5 Read chapter 3