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Technical Quiz: 31 July

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To help you keep up with the fundamentals of tax, retirement and financial planning, try answering these questions

1) Which of the following assets are not qualifying business assets for the purposes of claiming rollover relief (replacement of business assets relief)?

A) Land and buildings used in a business.

B) Fixed plant and machinery that does not form part of a building.

C) Ships.

D) Shares in a personal trading company.

2) Joan and Jacob are married and they each own a 50 per cent share in their family company. How would their shareholdings be valued for inheritance tax purposes?

A) The value for IHT purposes is based on the value of a 50 per cent shareholding in the company.

B) The value for IHT purposes is based on the shareholdings valued together under the related property rules.

C) The value for IHT purposes is nil as the shares are in a family company.

D) Their shares are valued as if they each had a majority holding.

3) Paula’s husband died several years ago when the IHT nil-rate band was £150,000. His assets chargeable to IHT on death were £120,000. How much nil-rate band is available on Paula’s death in 2014/15? 

A) £325,000

B) £355,000

C) £390,000

D) £650,000

Scroll down for answers

Questions supplied by Technical Connection. Answers at www.moneymarketing.co.uk/technical 

Answers:

A) D

B) B

C) C

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