Amrit has over 20 years of experience and earns £95,000 in wages in the 2020/2021 tax year. Over the years, he has invested his extra savings in buying shares in various firms. In this calendar year, he is expected to receive a total dividend of £7,500. Out of the total dividends, £1,500 are from ISAs. In July 2020, Amrit sadly loses his mother to Covid-19. Amrit's mother left a will which states that £50,000 of her estate should be bequeathed to Cancer Research UK, a charitable institution, with the remainder of her wealth to be bequeathed to Amrit. Moreover, Amrit's mum had £75,000 as ISA and £350,000 in her current account Question Please calculate the tax paid by Amrit. (Explain all the steps and assumptions(rules) in your calculations)
Amrit has over 20 years of experience and earns £95,000 in wages in the 2020/2021 tax year. Over the years, he has invested his extra savings in buying shares in various firms. In this calendar year, he is expected to receive a total dividend of £7,500. Out of the total dividends, £1,500 are from ISAs. In July 2020, Amrit sadly loses his mother to Covid-19. Amrit's mother left a will which states that £50,000 of her estate should be bequeathed to Cancer Research UK, a charitable institution, with the remainder of her wealth to be bequeathed to Amrit. Moreover, Amrit's mum had £75,000 as ISA and £350,000 in her current account Question Please calculate the tax paid by Amrit. (Explain all the steps and assumptions(rules) in your calculations)
Chapter11: Property Dispositions
Section: Chapter Questions
Problem 52P
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Amrit has over 20 years of experience and earns £95,000 in wages in the 2020/2021 tax year. Over the years, he has invested his extra savings in buying shares in various firms. In this calendar year, he is expected to receive a total dividend of £7,500. Out of the total dividends, £1,500 are from ISAs.
In July 2020, Amrit sadly loses his mother to Covid-19. Amrit's mother left a will which states that £50,000 of her estate should be bequeathed to Cancer Research UK, a charitable institution, with the remainder of her wealth to be bequeathed to Amrit. Moreover, Amrit's mum had £75,000 as ISA and £350,000 in her current account
Question
Please calculate the tax paid by Amrit.
(Explain all the steps and assumptions(rules) in your calculations)
thanks
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT