单选题On 31 March 2015, Jessica sold a copyright for ￡28,800. The copyright had been purchased on 1 April 2009 for ￡21,000 when it had an unexpired life of 15 years.
What is Jessica’s chargeable gain in respect of the disposal of the copyright?
单选题Heng is a wealthy 45 year old who would like to reduce the potential inheritance tax liability on her estate when she dies.
Which of the following actions will NOT achieve Heng’s aim of reducing the potential inheritance tax liability on her estate when she dies?
单选题Mammoth Ltd commenced trading on 1 January 2012. The company’s augmented profits have been as follows:
Period ￡
Year ended 31 December 2012 524,000
Year ended 31 December 2013 867,000
Year ended 31 December 2014 912,000
Throughout all of these periods, Mammoth Ltd had one associated company.
What is the first year for which Mammoth Ltd will be required to pay its corporation tax liability by quarterly instalments?
单选题Violet Ltd provides one of its directors with a company motor car which is used for both business and private mileage.For the quarter ended 31 March 2015, the total cost of petrol for the car was ￡600, of which 30% was for private use by the director. The relevant quarterly scale charge is ￡408. Both these figures are inclusive of value added tax (VAT).
What output VAT and input VAT entries will Violet Ltd include on its VAT return for the quarter ended 31 March 2015 in respect of the company motor car?
单选题What is the statute of limitation on the collection of taxes underpaid concerning tax evasion and transfer pricing adjustments respectively?
Tax evasion Transfer pricing
单选题Quinn will not make the balancing payment in respect of her tax liability for the tax year 2013–14 until 17 October 2015.
What is the total percentage of penalty which Quinn will be charged by HM Revenue and Customs (HMRC) in respect of the late balancing payment for the tax year 2013–14?
单选题Mr Wu and Ms Yu are partners in a partnership business providing consultancy services sharing profits equally
单选题Which of the following are NOT deducted when calculating the value of a person’s chargeable estate for inheritance tax purposes?
(1) An outstanding repayment mortgage
(2) Funeral expenses
(3) An outstanding interest-only mortgage
(4) An outstanding endowment mortgage
(5) A verbal promise to pay a friend’s debt
(6) Credit card debts
单选题Arthur Ltd is a monthly taxpayer for value added tax (VAT) and the withholding agent in respect of individual income tax (IIT) for its employees
单选题Weke Ltd acquired land use rights for RMB100 million from the local government on 1 January 2000 and from this date, the land was idle
单选题During the year ended 31 March 2015, Luck Ltd received the following dividends:
￡
From unconnected companies 4,680
From a company in which Luck Ltd has a 80% shareholding 3,870
From a company in which Luck Ltd has a 45% shareholding 1,260
These figures are the actual cash amounts received.
What is the amount of Luck Ltd’s franked investment income (FII) for the year ended 31 March 2015?
单选题Wan ceased trading on 31 December 2014, having been self-employed since 1 January 2002. On 1 January 2014,the tax written down value of her plant and machinery main pool was ￡6,200. On 10 November 2014, Wan purchased a computer for ￡1,600. All of the items included in the main pool were sold for ￡9,800 on 31 December 2014.
What is the balancing charge which will arise upon the cessation of Wan’s trade?
单选题Samuel is planning to leave the UK to live overseas, having always previously been resident in the UK. He will not automatically be treated as either resident in the UK or not resident in the UK. Samuel has several ties with the UK and will need to visit the UK for 60 days each tax year. However, he wants to be not resident after he leaves the UK.
For the first two tax years after leaving the UK, what is the maximum number of ties which Samuel could keep with the UK without being treated as resident in the UK?
单选题For the tax year 2014–15, what are the latest dates by which a taxpayer, who does not wish to incur a penalty,should file a self-assessment tax return on paper or online?
Paper tax return Online tax return
单选题On 10 January 2015, a freehold property owned by Winifred was damaged by a fire. The property had been purchased on 29 May 2002 for ￡73,000. Winifred received insurance proceeds of ￡37,200 on 23 February 2015,and she spent a total of ￡41,700 during March 2015 restoring the property. Winifred has elected to disregard the part disposal.
What is the base cost of the restored freehold property for capital gains tax purposes?
单选题The following scenario relates to questions 2630
单选题Taxes can be either capital taxes or revenue taxes, although some taxes are neither type of tax.
Which is the correct classification for the following three taxes?
Value added Inheritance National insurance
tax tax contributions
单选题Which of the following companies will be treated as resident in the UK for corporation tax purposes?
(1) A Ltd, a company incorporated in the UK, with its central management and control exercised in the UK
(2) B Ltd, a company incorporated overseas, with its central management and control exercised in the UK
(3) C Ltd, a company incorporated in the UK, with its central management and control exercised overseas
(4) D Ltd, a company incorporated overseas, with its central management and control exercised overseas
单选题Chan died on 8 December 2014, having made a lifetime cash gift of ￡500,000 to a trust on 16 October 2013. Chan paid the inheritance tax arising from this gift.
Who will be responsible for paying the additional inheritance tax arising from the gift made to the trust as a result of Chan’s death, and when will this be due?
单选题Naomi is self-employed. For the year ended 5 April 2015 she made a trading loss of ￡110,000, having made a trading profit of ￡24,000 for the year ended 5 April 2014. Naomi also had employment income of ￡92,000 for the tax year 2013–14.
What is the maximum loss relief claim which Naomi can make against her total income for the tax year 2013–14?