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The Technical Quiz: 29 May

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

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

Question one

Tim made a transfer of some of his assets worth £400,000 to his wife Eliza during 2013/14. Eliza is a non-UK domiciled individual. How much of the transfer is chargeable to IHT at the time of the gift?

A) None. It is a potentially exempt transfer and therefore not charge-able to IHT during lifetime

B) The transfer of £400,000 is fully covered by the spouse exemption

C) The lifetime tax payable is £400,000 less £325,000 non-UK domiciled spouse exemption, chargeable at 20 per cent

D) The lifetime tax payable is £400,000 less £325,000 non-UK domiciled spouse exemption covered by the nil-rate band

Question two

L aura is resident, but not domiciled, in the UK for 2013/14. What is her chargeability on her employment income?

A) For the employment performed wholly or partly in the UK, UK duties and the non-UK duties are taxable. The employment performed wholly outside the
UK is not taxable

B) For the employment performed wholly or partly in the UK, UK duties and the non-UK duties are taxable. The employment performed wholly outside the UK is eligible for the remittance basis

C) For the employment performed wholly or partly in the UK, UK duties are taxable and the non-UK duties are not taxable. The employment performed wholly outside the UK
is eligible for the remittance basis

D) For the employment performed wholly or partly in the UK, UK duties are taxable and the non-UK duties are eligible for the remittance basis. The employment performed wholly outside the UK is eligible for the remittance basis

Scroll down for the answers

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

Answers

1 A
2 D

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