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The Technical Quiz: 18 July

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: Daniel wishes to invest in EIS shares in 2013/14.  What is the maximum amount of income tax relief he could claim for an investment made in 2013/14?

A) £100,000

B) £200,000

C) £300,000

D) £400,000

QUESTION TWO: What is the maximum EIS investment that can be carried back from the tax year 2013/14 to 2012/13 in order that the income tax relief can be set against income tax paid in 2012/13?

A) No limit

B) £300,000

C) £500,000

D) £1,000,000

QUESTION THREE: Sandra subscribed to EIS shares worth £100,000 in June 2013, and received income tax relief on the shares.  How long does Sandra need to hold the shares before the shares are treated as exempt for capital gain tax purposes when sold?

A) 1 year

B) 2 years

C) 3 years

D) 5 years

QUESTION FOUR: Nathan wishes to invest in Seed EIS shares in 2013/14.  What is the maximum amount of investment on which Nathan may obtain tax relief in 2013/14?

A) £100,000

B) £200,000

C) £300,000

D) £400,000

QUESTION FIVE: Steve makes a profit on the sale of SEIS shares in tax year 2013/14. He decides to reinvest the gains in 2014/15. He will be entitled to re-investment relief in relation to what percentage of the reinvested gains?

A) 100%

B) 50%

C) 30%

D) 25%

Questions supplied by Technical Connection

_________

Answers

1 C
2 D
3 C
4 A
5 B

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