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PTAX Personal Taxation Savings & Investments (Interest & dividends)

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Presentation on theme: "PTAX Personal Taxation Savings & Investments (Interest & dividends)"— Presentation transcript:

1 PTAX Personal Taxation Savings & Investments (Interest & dividends)

2 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 2

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

4 Taxation of Investment Income Receipts or accrual? 4

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

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

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

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

9 HOMEWORK SD11&12 Read chapter 1 Review questions Tutorial book questions 3.1-3,7, 1.2, 1.4, 1.5 9

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