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The Technical Connection Quiz: 6 March

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

The following questions relate to tax year end planning.

Question one

How much tax would a higher rate taxpayer save by using their capital gains tax annual exemption in the 2013/14 tax year?

A) £1,962

B) £2,180

C) £3,052

D) £4,360

Question two

Which of the following can be carried forward if unused in any given tax year?

A) The personal allowance

B) The annual exemption for inheritance tax purposes

C) The annual exemption for capital gains tax purposes

D) The married couples allowance

Question three

Which planning strategy can be implemented to reduce income for the purposes of the high income child benefit charge?

A) Make a pension contribution

B) Make an Isa contribution

C) Invest in a VCT

D) Invest in an EIS

Question four

What is my lifetime allowance if I success-fully apply for fixed Protection 2014?

A) £1m

B) £1.25m

C) £1.5m

D) £1.8m

Question five

Who would benefit the most from maximising their Isa limit?

A) A non taxpayer

B) A starting rate taxpayer

C) A basic rate taxpayer

D) A higher rate taxpayer

Questions supplied by Technical Connection 

Access full CPD, technical updates and business generation ideas through Techlink Professional. Go to www.techlink.co.uk and click theContact Us link at the top of the screen and then request your free trial from the drop down menu.

_________

Answers

1 C
2 B
3 A
4 C
5 D

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