The following questions relate to tax year end planning.
How much tax would a higher rate taxpayer save by using their capital gains tax annual exemption in the 2013/14 tax year?
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
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
What is my lifetime allowance if I success-fully apply for fixed Protection 2014?
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
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