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LPC Law Notes Business Law and Practice Notes

Corporation Tax Notes

Updated Corporation Tax Notes

Business Law and Practice Notes

Business Law and Practice

Approximately 649 pages

A collection of the best LPC BLP notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through dozens of LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".

In short these are what we believe to be the strongest set of Business Law and Practice notes available in the UK this year. This collection of notes is fully updat...

The following is a more accessible plain text extract of the PDF sample above, taken from our Business Law and Practice Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:

Corporation tax Calculate the Chargeable Gains 1) Is it a capital asset that is being sold? Capital receipts and expenditure arise from one-off transactions 2) Proceeds of sale of asset / market value of an asset Calculation Total sale proceeds received for sale of asset PS100,000 Sale proceeds includes: 1) Sale of any capital asset 2) The market value of an asset if it is transferred to a connected person for below market value 3) Net sale proceeds Calculation Sale proceeds (2) MINUS Incidental costs of disposal PS100,000 - PS2000 = PS98,000 4) Total chargeable gain Incidental costs of disposal includes: 1) Agent's commission for sale of the asset Calculation Net sale proceeds (3) MINUS initial expenditure MINUS subsequent expenditure PS98,000 - PS8000 and PS20,000 = PS70,000 Initial expenditure includes 1) The initial2) cost [Allowable of the asset expenditure] when purchased 2) Incidental costs of acquisition Subsequent expenditure includes 1) Expenditure on the asset which enhances its value * Doesn't include if the item is damaged and the costs that are incurred repairing it 2) Expenditure incurred in establishing, preserving or defending the title of the asset 5) Indexed gain Calculation Total capital proceeds (4) Minus indexation allowance PS70,000 - PS10,000 = PS60,000 6) Taxable chargeable gain Indexation allowance includes 1) Will be told 2) in [Allowable question expenditure] Calculation Indexed gain (5) Minus losses PS60,000 - PS5,000 = PS55,000 Losses includes Trading losses in this year * Can be applied to capital and trading profits * Can be offset against: a) Profits incurred in THIS accountancy year Unused trading losses b) Profits incurred in the PREVIOUS accountancy year Unused trading losses c) Profits incurred in FUTURE accountancy years Capital losses in this year * Can be applied only to capital profits * Can be offset against: a) Profits incurred in THIS accountancy year Unused trading losses b) Profits incurred in FUTURE accountancy years

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