单选题Since 6 April 2014, Nicolas has let out an unfurnished freehold office building. On that date, the tenant paid Nicolas a premium of ￡82,000 for the grant of a 15-year lease. How much of the premium of ￡82,000 will Nicolas include when calculating his property business profit for the tax year 2014–15?

单选题Yui commenced trading on 1 April 2014, and registered for value added tax (VAT) from 1 January 2015. Her first VAT return is for the quarter ended 31 March 2015. During the period 1 April 2014 to 31 March 2015, Yui incurred input VAT of ￡110 per month in respect of the hire of office equipment. How much input VAT in respect of the office equipment can Yui reclaim on her VAT return for the quarter ended 31 March 2015?

单选题TenLtdistheparentcompanyforagroupofcompanies.Thegroupstructureisasfollows:Eachpercentageholdingrepresentsaholdingofordinarysharecapital.WhatisthegrouprelationshipbetweenFortyLtdandTenLtd?

单选题SS Express (SSE) is a logistics company

单选题Which TWO of the following items of expenditure are deductible in the calculation of an individual’s taxable income? (1) A contribution into a personal pension scheme (2) A charitable gift aid donation (3) A contribution into an employer’s HM Revenue and Customs’ registered occupational pension scheme (4) A charitable donation made under the payroll deduction scheme

单选题Benjamin died on 30 November 2014 leaving an estate valued at ￡890,000. Inheritance tax of ￡276,000 was paid in respect of the estate. Under the terms of his will, Benjamin left ￡260,000 to his wife, a specific legacy of ￡120,000 (free of tax) to his brother, and the residue of the estate to his grandchildren. What is the amount of inheritance received by Benjamin’s grandchildren?

单选题TAX RATES AND ALLOWANCES The following tax rates and allowances are to be used in answering the questions. Income tax Normal Dividend rates rates Basic rate 1 31,785 20% 10% Higher rate 31,786 to 150,000 40% 325% Additional rate 150,001 and over 45% 375% A starting rate of 0% applies to savings income where it falls within the first 5,000 of taxable income. Personal allowance Personal allowance 10,600 Transferable amount 1,060 Income limit 100,000 Residence status Days in UK Previously resident Not previously resident Less than 16 Automatically not resident Automatically not resident 16 to 45 Resident if 4 UK ties (or more) Automatically not resident 46 to 90 Resident if 3 UK ties (or more) Resident if 4 UK ties 91 to 120 Resident if 2 UK ties (or more) Resident if 3 UK ties (or more) 121 to 182 Resident if 1 UK tie (or more) Resident if 2 UK ties (or more) 183 or more Automatically resident Automatically resident Child benefit income tax charge Where income is between 50,000 and 60,000, the charge is 1% of the amount of child benefit received for every 100 of income over 50,000. Car benefit percentage The relevant base level of CO2 emissions is 95 grams per kilometre. The percentage rates applying to petrol cars with CO2 emissions up to this level are: 50 grams per kilometre or less 5% 51 grams to 75 grams per kilometre 9% 76 grams to 94 grams per kilometre 13% 95 grams per kilometre 14% Car fuel benefit The base figure for calculating the car fuel benefit is 22,100. Individual savings accounts (ISAs) The overall investment limit is 15,240. Pension scheme limits Annual allowance 201415 and 201516 40,000 201213 and 201314 50,000 The maximum contribution that can qualify for tax relief without any earnings is 3,600. Authorised mileage allowances: cars Up to 10,000 miles 45p Over 10,000 miles 25p Capital allowances: rates of allowance Plant and machinery Main pool 18% Special rate pool 8% Motor cars New cars with CO2 emissions up to 75 grams per kilometre 100% CO2 emissions between 76 and 130 grams per kilometre 18% CO2 emissions over 130 grams per kilometre 8% Annual investment allowance​​​​​​​ Rate of allowance 100% Expenditure limit 500,000 Cap on income tax reliefs Unless otherwise restricted, reliefs are capped at the higher of 50,000 or 25% of income. Corporation tax Rate of tax 20% Profit threshold 1,500,000 Value added tax (VAT) Standard rate 20% Registration limit 82,000 Deregistration limit 80,000 Inheritance tax: tax rates 1 325,000 Nil Excess Death rate 40% Lifetime rate 20% Inheritance tax: taper relief Years before death Percentage reduction​​​​​​​ Over 3 but less than 4 years 20% Over 4 but less than 5 years 40% Over 5 but less than 6 years 60% Over 6 but less than 7 years 80% Capital gains tax Rates of tax Lower rate 18% Higher rate 28% Annual exempt amount 11,100 Entrepreneurs relief Lifetime limit 10,000,000 Rate of tax 10% National insurance contributions (Not contracted out rates)​​​​​​​ Class 1 Employee 1 8,060 per year Nil 8,061 42,385 per year 12% 42,386 and above per year 12% Class 1 Employer 1 8,112 per year Nil 8,113 and above per year 138% Employment allowance 2,000 Class 1A 138% Class 2 280 per week Small profits threshold 5,965 Class 4 1 8,060 per year Nil 8,061 42,385 per year 9% 42,386 and above per year 2% Rates of interest (assumed) Official rate of interest 3% Rate of interest on underpaid tax 3% Rate of interest on overpaid tax 05%

单选题For the tax year 2014–15, Chi has a salary of ￡53,000. She received child benefit of ￡1,771 during this tax year. What is Chi’s child benefit income tax charge for the tax year 2014–15?

单选题For the tax year 2014–15, Nog has a chargeable gain of ￡23,700 and a capital loss of ￡10,400. She has unused capital losses of ￡6,100 brought forward from the tax year 2013–14. What amount of capital losses can Nog carry forward to the tax year 2015–16?

单选题Win Ltd imports smart phones for resale

单选题TAX RATES AND ALLOWANCES The following tax rates and allowances are to be used in answering the questions. Enterprise income tax Deduction limits on certain expenses Individual income tax Entrepreneurs who receive production or operations income derived from private industrial or commercial operations Individual service income Allowance each time for individual service income, income from manuscripts, royalties and rental of property Donations of individuals Limited to: 30% of the taxable income; or 100% if the donation is made to certain funds approved by the government Value added tax (VAT) VAT pilot programme Note: The above rates are based on the pilot rules published by 30 September 2014. The new rules effective from 1 October 2014 are not examinable in the 2015 exams. Business tax Land appreciation tax Exchange rate USD1 = RMB

单选题FE Ltd is a UK engineering company

单选题Which of the following are treated as taxable income for the purposes of individual income tax? (1) Cash of RMB100,000 from grandfathers estate (2) Insurance compensation of RMB25,000 from a traffic accident (3) Moon-cake coupon worth RMB100 received from an employer (4) Company car, valued at RMB50,000, and transferred to an employee free of charge

单选题The following scenario relates to questions 1620

单选题TAX RATES AND ALLOWANCES The following tax rates and allowances are to be used in answering the questions. Individual income tax Entrepreneurs who receive production or operations income derived from private industrial or commercial operations Allowance per annum RMB42,000 Monthly personal allowance for a China local RMB3,500 Additional allowance for expatriate employees RMB1,300 Allowance each time for individual service income, income from manuscripts, royalties and rental of property RMB4,000 and below RMB800 Over RMB4,000 20% Income from: Manuscripts, royalties, interest, dividends, rental of property, transfer of property, incidental income and other income 20% Donations of individuals Limited to: 30% of the taxable income; or 100% if the donation is made to certain funds approved by the government Note: The above rates are based on the pilot rules published by 30 September 2017. The new rules issued from 1 October 2017 onwards are not examinable in the 2018 exams. Exchange rate USD1 = RMB6​​​​​​​

单选题Judy Chen received RMB200 cash (net of tax) in a lottery from Supermarket X and received RMB450 WeChat Red-pocket money from her friends

单选题The following scenario relates to questions 2125

单选题Abdul’staxliabilitiesforthetaxyears2013–14and2014–15areasfollows:WhatpaymentonaccountwillAbdulhavetomakeon31July2015inrespectofhistaxliabilityforthetaxyear2014–15?

案例分析题(a) During a tax audit in October 2017

案例分析题(d) Mrs Ink is a China tax resident