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The Technical Quiz: 25 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 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?

A) £0

B) £9,100

C) £10,000

D) £20,000

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?

A) £198

B) £1,200

C) £2,160

D) £3,360

Questions supplied by Technical Connection

_________

Answers

1 D
2 C
3 A
4 D
5 A

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