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The Technical Quiz: 5 June

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

From 6 April 2013, an individual who has been UK resident for one or more of the three preceding tax years will automatically meet the criteria of the automatic overseas test and be non-UK resident for tax purposes if:

A) The individual spends fewer than 46 days in the UK in the tax year in question

B) The individual spends fewer than 16 days in the UK in the tax year in question

C) The individual spends fewer than 183 days in the UK in the tax year in question

D) The individual spends fewer than 90 days in the UK in the tax year in question

Question two

The remittance charge may be payable by a non-UK- domiciled individual when they have been resident in the UK for how long?

A) Seven out of the nine tax years immediately preceding the year in question

B) Seven out of the previous nine years

C) 17 out of the 20 tax years immediately preceding the year in question

D) Three years

Question three

Marion is a non-UK domiciled individual but is resident in the UK for tax purposes during 2013/14. She sells an overseas property and makes a gain of £210,000 and would like to know whether this is chargeable to capital gains tax.

A) She is non-UK domiciled, therefore the disposal is not chargeable to capital gains tax

B) She is resident and is therefore chargeable to capital gains tax under the arising basis

C) She is resident and is therefore chargeable to capital gains tax – however, she has the option to claim the remittance basis of assessment

D) She is non-UK domiciled so is only chargeable to capital gains tax on an overseas property on 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) B

2) A

3) C 

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