Unit 1 Topic 4

1 / 25

Which of the following statements regarding capital gains tax (CGT) is accurate?

2 / 25

How much stamp duty reserve tax is payable on the purchase of bearer instruments with a market value of £100,000?

3 / 25

If an individual is domiciled in the UK at the time of death, which assets would be included in their estate for inheritance tax purposes?

4 / 25

which one is NOT exempt from VAT on its supplies?

5 / 25

In the event of a transfer on death, who will be responsible for paying any inheritance tax liability?

6 / 25

which one is NOT subject to zero-rated VAT?

7 / 25

In August, Rob purchased ordinary shares for £100,000. What amount of stamp duty reserve tax did he have to pay?

8 / 25

What happens when a capital loss occurs upon the disposal of an asset?

9 / 25

Vincent passed away in May, leaving an estate valued at £350,000. He had not made any gifts or transfers before his death. In his will, he left half of his estate to his son and the other half to his wife. What was the inheritance tax liability?

10 / 25

Among the following assets, which one would be free from capital gains tax?

11 / 25

At what rate would inheritance tax be applied at 40%?

12 / 25

Brad gifted £500,000 to his son Paul in May 2017. Upon Peter's death in June 2020, his estate was valued at £750,000. What is the applicable Inheritance Tax (IHT) rate for at least part of the £500,000 gift?

13 / 25

How would you best describe a potentially exempt transfer?

14 / 25

What do 'allowable deductions' refer to in the calculation of capital gains tax liability?

15 / 25

When is the tax due to be paid after a 'chargeable lifetime transfer'?

16 / 25

Regarding VAT purposes, businesses that charge fees for providing advice on pensions contracts are:

17 / 25

Which one is usually not subject to capital gains tax upon disposal?

18 / 25

Lucy purchased an antique Chinese vase in 1985 and recently sold it at an auction, making a profit. Which of the following expenses will she NOT be able to deduct from any potential capital gains tax liability?

19 / 25

Suppose the current annual gift allowance for inheritance tax purposes remains at £3,000. What exemption would be allowed in year four if the individual did NOT make use of the exemption in the preceding three years?

20 / 25

which one might result in a liability for capital gains tax at the time of disposal?

21 / 25

What is the rate of withholding tax imposed on non-resident entertainers and sportsmen and women in the UK?

22 / 25

Under which circumstances could a liability for capital gains tax arise?

23 / 25

which one would NOT be considered a liability when calculating an individual's estate at the time of death?

24 / 25

Oliver recently sold some unit trusts and made a taxable gain of £6,700. His taxable income for this tax year is £20,000. What amount of capital gains tax is he obligated to pay?

25 / 25

which one could potentially be liable for capital gains tax?

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