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Advise Grace on the characteristics of the simplified rules for the calculation of tax adjusted trading profits and profits from property letting activity, respectively. Your
- Advise Grace on the characteristics of the simplified rules for the calculation of tax adjusted trading profits and profits from property letting activity, respectively. Your advice should include a statement as to whether these rules can be applied in the calculation of Graces income tax payable for the tax year 2019/20.
(23 marks)
- Critically discuss the income tax effects of Graces plan to invest in an Individual Savings Account.
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