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The Technical Quiz- Sept 13

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

Question 1: Which of the following are NOT subject to CGT?

A) Holiday home. as long as it is used by the owner from time to time

B) Capital redemption policies

C) Second hand life assurance policies

D) Chattels

Question 2: What rate of CGT could an individual pay if he is selling his business and qualifies for the entrepreneurs’ relief?

A) 10% on gains up to £1,000,000, then 18%

B) 10% on gains up to £2,000,000, then 28%

C) 10% on gains up to £4,000,000, then 18%

D) 10% on gains up to £10,000,000, then 18%/28% as appropriate

Question 3: Some transactions are deemed to take place at market value rather than the consideration that passes between the parties. Transactions between which of the following are deemed to take place at market value?

A) Husband and wife

B) Parent and child

C) Civil partners

D) Directors of the same company

Question 4: What is the term given to the aggregation of shares and their cost for CGT purposes?

A) Pooling

B) Aggregation

C) Averaging

D) Summing

Question 5: For how long can capital losses be carried forward?

A) One year

B) Three years

C) Five years

D) Indefinitely

Questions supplied by Technical Connection


1 D

2 D

3 B

4 A

5 D


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