QUESTION ONE: Which of Mary’s personal possessions would not be liable to capital gains tax if she were to sell them?
A) A diamond necklace worth £15,000
B) An antique sideboard worth £20,000
C) A painting by Hockney worth £5.2m
D) Her brand new Bentley car worth £120,000
QUESTION TWO: In 2013/14 Peter realises a capital gain of £10,000 and a capital loss of £20,000, how much of the loss can he carry forward to 2014/15?
QUESTION THREE: Jane has not used her annual exemption for capital gains tax purposes for 2012/13. Which of the following statements is TRUE?
A) It is wasted
B) She can carry it forward to 2013/14
C) She can carry it back to 2011/12
D) She can transfer it to her spouse
QUESTION FOUR: Which of the following is not a relief for capital gains tax purposes?
A) EIS relief
B) Entrepreneurs’ relief
C) Hold-over relief
D) Business property relief
QUESTION FIVE: In 2013/14 Paul has taxable pension income of £22,000 and a taxable capital gain of £12,000. How much capital gains tax must he pay on t his gain?
Questions supplied by Technical Connection