Fa 2007 Ptc

[welshwizard]

Hi there

Well, after my abysmal performance in last week's PTC exam, I think I will be faced with relearning this subject but updated to FA 2007 ready for June's exam. Does anyone have any idea what the differences are between FA 2006 and 2007? If they do, could they post them here so I can start trying to commit them to memory whilst I wait for my new text book to arrive. I don't think my college will be teaching this module now until 2009 when the 18% Capital Gains is supposed to start.

TIA

[mehmet]

Income Tax

-Personal Allowance has increased to £5225
-Lower Rate (10%) is now charged on the first £2230 (from £2150) of income
-Basic Rate (22%) is now charged from £2230 to £34600 (from £33300).
-Higher Rate (40%) charged on excess over £34600
-Company Vans private use assesable benefit is now £3000 (from £500), with no reduction for older vehicles. There is also now also an additional private fuel charge of £500(there never used to be one)
-Official rate for beneficial/cheap loans is now 6.25% (was 5%)

Capital Gains Tax

-Annual exemption now £9,200 (was £8,800)

PriceWaterhouseCoopers' Pocket Tax Book (http://www.pwc.com/uk/eng/ins-sol/publ/pwc_uk-pocket-tax_may07.pdf) is very useful, but does go into more depth than you'll need