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The Technical Quiz: 18 April

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

The Technical Quiz MM 480

QUESTION ONE: Which of the following assets would be chargeable to capital gains tax?

A) Main residence

B) Unit trusts

C) Cash

D) Gilts

QUESTION TWO: Which of the following assets would not be chargeable to capital gains tax?

A) Shares

B) Unit trusts

C) Premium bonds

D) Debentures

QUESTION THREE: David makes a capital loss of £1,000 for 2013/14, when must this loss be used?

A) It cannot – capital losses are wasted

B) Against capital gains made in 2012/13

C) Against any capital gains made in 2013/14

D) Against any capital gains in 2014/15

QUESTION FOUR: Where someone wishes to transfer their shares, this generally gives rise to a disposal at the current market value for capital gains tax purposes. In which of the following circumstances is this not the case?

A) Shares are transferred to their spouse

B) Shares are transferred to trust

C) Shares are transferred to an adult child

D) Shares are transferred to a friend

QUESTION FIVE: Sandra is a higher rate taxpayer. In 2013/14 she makes a chargeable gain of £40,000. How much capital gains tax must she pay?

A) £8,148

B) £11,200

C) £16,000

D) £20,000

Questions supplied by Technical Connection

_________

Answers

1 B
2 C
3 C
4 A
5 A

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