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The Technical Quiz: 7 November

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

The following questions all relate to business taxes

QUESTION 1

Brick Ltd sold an investment property. What tax would be payable on any gain?

A) Income tax

B) Corporation tax

C) Capital Gains tax

D) Value Added Tax

QUESTION 2

Morris Ltd makes a £11,000 chargeable event gain on encashment of an offshore bond – how is this treated?

A) Under the capital gains tax rules

B) Under the chargeable event gain rules

C) Under the loan relationship rules

D) Under the investment income rules

 

QUESTION 3

A company cannot have a period of account which is longer than:

A) 6 months

B) 12 months

C) 18 months

D) 22 months

QUESTION 4

Which of the following would usually be deductible in arriving at a company’s profit figure?

A) Bank interest

B) Debenture income

C) Property income

D) Gift aid donations

QUESTION 5

Stuart is a director of Fringe Ltd. The company pays a nominal pension contribution on behalf of Stuart. How is this treated?

A) Corporation tax would be payable on the whole amount

B) The whole amount would normally be deductible for corporation tax purposes

C) The whole amount would not be deductible for corporation tax and will be subject to National Insurance Contributions

D) The amount would only be subject to National Insurance Contributions

_________

Answers

1 B
2 C
3 C
4 D
5 B

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