The Technical Quiz: 19 March

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

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Question one

Under the Pensions Act 2014, when will S2P be merged in a flat rate pension? 

A) 2016

B) 2017

C) 2025

D) 2030

Question two

What is the difference in tax treatment between an expression of wish and a nomination for lump sum death benefits under a DB scheme? 

A) A nomination would result in a 55 per cent tax charge, whereas an expression of wish would not

B) An expression of wish would result in a 55 per cent tax charge, whereas a nomination would not

C) An expression of wish could result in an IHT tax charge, whereas a nomination would not

D) A nomination could result in an IHT tax charge, whereas an expression of wish would not

 

Question three

Alan purchased a residential property in the UK on 1 February 2015 for £360,000. The house is only two years old. What is the amount of SDLT that he will be liable to pay? 

A) £8,000

B) £11,750

C) £10,800

D) £18,000

 

Question four

Vic has gross income of £50,000 and net disposable income of £40,000. His total life cover is £200,000. In terms of planning this appropriate level of life cover, what is his capital-income ratio? 

A) 1:4

B) 1:5

C) 4:1

D) 5:1

Scroll down for answers…

Answers

1) A

2) D

3) A

4) C

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