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The Technical Quiz: 26 June

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

Quiz

Question One

Which of the following transfers of value is not covered by an exemption?

A) Lifetime gifts for family maintenance 


B) A charitable gift 


C) Wedding or civil partnership gifts 


D) A transfer of a principal private residence (home) 

                   

Question Two

Adam wants to set up a discretionary trust and transfer a property worth £500,000 into the trust. You need to make him aware of the potential IHT charges. Which of the following is true?

A) There will be an IHT charge on the creation of the trust


B) There will be an IHT charge on the transfer of property out of the trust


C) There will be an IHT charge on the creation of the trust, at the settlor’s death, at every 10-year anniversary and on the transfer of property out of the trust


D) There will be an IHT charge on the creation of the trust, at every ten-year anniversary and on the transfer of property out of the trust 

 

Question Three

How long does a donor have to survive after making a potentially exempt gift of cash, during their lifetime, for taper relief to apply?

A) Two years 


B) Three years


C) Seven years

D) One year

Quiz

 

Questions supplied by the CPD Centre. For more help keeping up to date with your technical knowledge go to www.ifacpd.com 

Scroll down for answers

Answers

1) D

2) C

3) B

                                                                                              

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