Marginal relief can apply to the gain on disposal of a chattel if the sale proceeds are less than ￡6,000

1 .If Edward completes a paper tax return by 31 October 2020, then HM Revenue and Customs will prepare a self-assessment tax computation on his behalf

A CORRECT B INCORRECT

题型: 单选题 提问时间: 2021-08-24

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2 .Edward’s tax records must be retained until 31 January 2024

A CORRECT B INCORRECT

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3 .Chattels may be defined as tangible moveable property, so include items such as paintings and securities

A CORRECT B INCORRECT

题型: 单选题 提问时间: 2021-08-24

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4 .Chattels are exempt from CGT if they are wasting assets

A CORRECT B INCORRECT

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5 .Chargeable disposals of chattels cannot give rise to a CGT loss

A CORRECT B INCORRECT

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7 .Since Sam has already invested ￡4,000 into a cash ISA, he can invest a maximum of ￡11,240 (15,240 – 4,000) in a stocks and shares ISA for the tax year 2019-20

A CORRECT B INCORRECT

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8 .Dividend income received within a stocks and shares ISA is exempt from income tax, only chargeable gains are taxable

A CORRECT B INCORRECT

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9 .Failing to record cash sales

A YES B NO

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10 .Claiming personal expenses through the business

A YES B NO

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