View more on these topics

The Technical Quiz- March 29

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

QUESTION 1

What is the maximum income tax relief, in terms of tax, that an individual can claim from an investment in EIS shares in 2012/13?

A) 20% of £500,000 = £100,000

B) 20% of £1m = £200,000

C) 30% of £500,000 = £150,000

D) 30% of £1m = £300,000.

QUESTION 02

What is the maximum EIS investment that can be carried back from the tax year 2011/12 to 2010/11 in order that the income tax relief can be set against income tax paid in 2010/11?

A) £200,000

B) £500,000

C) £1 million

D) No limit

QUESTION 03

In order to avoid a clawback of income tax relief, for how long must EIS shares be held?

A) 1 year

B) 2 years

C) 3 years

D) 4 years

QUESTION 04

What types of assets disposed of qualify for EIS deferral relief?

A) Any type of asset giving rise to a capital gain

B) Any type of asset giving rise to a capital loss

C) Any type of asset giving rise to an income tax charge

D) Any type of asset giving rise to an income tax loss

QUESTION 05

Which of the following types of shares could qualify as EIS shares?

A) Any quoted or unquoted shares in a trading company

B) Only unquoted trading company shares

C) Only Aim trading company shares

D) Any Aim or unquoted trading company shares

Answers: D, B, C, A, D

Recommended

L&G pays 93.2% of CI claims in 2011

Legal & General paid 93.2 per cent of its critical illness claims in 2011, up from 91.8 per cent the year before. In total, L&G paid out £441m in combined death and critical illness claims last year, up from £373m in 2010. This is broken down as £264m in death claims and £177m in critical […]

4

Easter launches advice firm with Peter Williams and David Ingram onboard

Former Honister Capital director Alan Easter is launching a new advice and fund management group, which has former Aegon head of industry development Peter Williams and former Threesixty technical director David Ingram on the board. The Beaufort Group is made up of Beaufort Financial Planning and Beaufort Investment Management. BFP will provide whole of market […]

Skipton BS cuts interest-only LTV to 60%

Skipton Building Society is to cut its maximum loan-to-value for interest-only lending from 75 per cent to 60 per cent. The changes apply to the lender’s direct and intermediary channels. From tomorrow, for applications up to 80 per cent LTV, a maximum of 60 per cent LTV can be taken on interest-only but the remaining […]

Govt in talks with Abu Dhabi over RBS sale

The Government is reportedly in talks with Abu Dhabi sovereign wealth funds about selling part of its stake in Royal Bank of Scotland. According to a report by the BBC, the Government, which controls 82 per cent of the bank, has been negotiating with Abu Dhabi sovereign wealth funds for months. The report states the […]

What's going on in the 'offshore' world?

Graeme Robb, Senior Technical Manager at Prudential, explores the current state of the nation for offshore issues and highlights areas which may be particularly relevant to advisers. In the context of insurance companies, ‘offshore’ can be a relatively straightforward matter. Like their onshore equivalent, offshore bonds are ‘non-qualifying’ for tax purposes, meaning that all gains […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment