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Testing Time

1. Which is true in connection with the payment of benefits from an appropriate personal pension scheme?

a: Benefits from an appropriate personal pension can be taken at the same time as benefits from an ordinary personal pension, that is, from the age of 550

b: Benefits from an appropriate personal pension can be taken only at state pension age, that is, age 60 for women and 65 for men

c: Benefits from an appropriate personal pension can be taken from the age of 60 for both men and women

d: Benefits from an appropriate personal pension can be taken only at state pension age, that is, age 65 for men and 60 for women at present but rising to 65 when the state retirement ages are equalised

2. An individual owns an investment property in the UK and another in Portugal. He receives rental income from both. He is UK-domiciled, resident and ordinarily resident. Under present rules, how will he be taxed on the rents received from the properties?

a: All rents are assessable under Schedule A

b: All rents from UK property are assessed under Schedule A, unless the income is from furnished holiday lets, and income from overseas property is taxed under Case V Schedule D

c: All rents from UK property are subject to assessment under Schedule A and income from overseas property is taxed under Case V Schedule D

d: All rents from property are subject to assessment under Case IV Schedule D

3. Income from furnished holiday lettings in tax year 1997/98 is assessed under which of the following?

a: Case VI Schedule D

b: Case I Schedule D

c: Schedule A

d: Schedule C

Answers: 1 – c; 2 – c; 3 – c.

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