ACCA Advanced Taxation (ATX) Practice Exam

Which tax year corresponds to the claiming deadline of 31 January 2030 for disposals?

1. 2021/22

2. 2022/23

3. 2023/24

4. 2024/25

The correct answer is: 2023/24

The claiming deadline of 31 January 2030 relates to the tax year in which the disposals occurred. For the UK tax system, the tax year runs from 6 April to 5 April the following year. Therefore, to determine the relevant tax year corresponding to a claiming deadline of 31 January 2030, one needs to identify the tax year that ends prior to this date. The tax year of 2023/24 runs from 6 April 2023 to 5 April 2024. Disposals that occur within this tax year would need to have their gains reported by 31 January 2030 for taxpayers who need to settle their income tax liabilities. Any disposals taken during this period will be filed and any potential capital gains or losses arising from these disposals must be reported by the deadline of 31 January following the end of that tax year. Thus, the correct answer relates specifically to the timeline of tax obligations for the 2023/24 tax year, making it the appropriate choice.