23.09.26 Business Tax

A company purchases new machinery for £600,000 on 1 May 2023. How much allowance can be claimed under full expensing?

• £780,000
• £600,000
• £1,200,000
• £1,500,000

A company purchases new machinery on 31 March 2023 for £500,000. How much allowance can be claimed under full expensing can be claimed?

• £650,000

• £500,000
• £0

• £700,000

A company has a 9 month Chargeable Accounting Period. What would be the expenditure limit in respect of AIA for this CAP?

• £100,000

• £750,000

• £1,000,000

• £10,000,000

A company purchases a car which has Co2 emissions of 51g/km. Which pool does the car go in?

• Main pool

• Short life asset pool

• Share Pool

• Special rate pool

In order to receive the 100% FYA, what characteristics must the car have?

• Used and zero emission

• Used and Co2 emissions of 50g/km or less

• New and zero emission

• New and CO2 emissions of 50g/km or less

A company paid £500,000 for a newly constructed building and £200,000 for the land. It was eligible to claim Structures and Buildings Allowance from the first day of the 12 month CAP, how much could be claimed?

• £15,000

• £21,000

• £90,000

• £30,000

What is indexation not permitted to do?

• Reduce a gain

• Create a loss

• Increase a loss

• Be applied to improvement expenditure

Before using the 1985 pool, if we have no shares bought on the same day as disposal, which shares should we look to match the disposal to?

• Any shares bought in the 9 days before disposal

• Any shares bought in the 30 days before disposal

• Any shares bought before 1 January 1985

• Any shares bought on or after 1 January 1985

If we have chargeable losses, what option is available to us to relieve these?

• Carry back to gains in previous periods

• Use in year against chargeable gains and then carry forward against any future gains

• Use in year against any other profits

• Carry forward against any future profits