On 7 July 2011, Paul made a gross chargeable transfer (after all exemptions) of ￡260,000. On 19 December 2016 he gave ￡190,000 to a trust. Paul agreed to pay any lifetime IHT due.How much inheritance tax will be payable by Paul on the December 2016 transfer of value?

1 .Which of the following recommendations are appropriate in increasing the independence of SouthLea's internal audit department?(1) The chief internal auditor should be appointed by the board of directors.(2) The chief internal auditor should report to the board of directors.(3) The finance director should decide on the scope of the internal audit work

A (1) and (2) only B (1) and (3) only C (2) and (3) only D (1), (2) and (3)

题型: 单选题 提问时间: 2021-08-24

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2 .You have been told by the finance director that the senior management team is looking to upgrade the company's computerised accounting system in a year's time. This is partly because the senior management team believes that due to the increasing size and complexity of the business, the company will need more robust general IT controls in the future.Which TWO of the following are general IT controls?

A Full testing procedures using test data when developing computer applications B One for one checking C Disaster recovery procedures D Hash totals

题型: 多选题 提问时间: 2021-08-24

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3 .In preparation for the audit planning meeting, the audit junior has identified a number of areas requiring audit focus.Based on the information regarding the wages system, which TWO of the following are likely to introduce the highest risk of material misstatement?

A Completeness of wages B Accuracy of deductions from gross pay C Cut-off of starters' and leavers' wages D Potential fraud risk factors

题型: 多选题 提问时间: 2021-08-24

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4 .Gillian owned a 70% shareholding in R Ltd, an unquoted investment company. On 23 July 2016, she gave a 20% shareholding in R Ltd to her son. The values of shareholdings in R Ltd on 23 July 2016 were as follows: ￡ 100% shareholding 600,000 70% shareholding 350,000 50% shareholding 200,000 20% shareholding 80,000 What is the diminution in value of Gillian's estate as a result of her gift on 23 July 2016?

A ￡150,000 B ￡270,000 C ￡80,000 D ￡120,000

题型: 单选题 提问时间: 2021-08-24

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5 .Joel and Sunita were a married couple. Sunita died in July 2008 and 65% of her nil rate band of ￡312,000(2008/09) was unused. Joel died in May 2016. He had made a potentially exempt transfer (after all available exemptions) of ￡75,000 in August 2012.Joel left his estate to his sister. Any relevant elections were made.What is the nil rate band available to set against Joel’s death estate?

A ￡325,000 B ￡452,800 C ￡461,250 D ￡536,250

题型: 单选题 提问时间: 2021-08-24

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7 .Donald made the following transactions in the tax year 2016/17:(1) A gift of ￡2,000 to his grand-daughter on the occasion of her marriage.(2) A sale of a vase to his friend, Alan, for ￡1,000 which both Donald and Alan believed to be the market value of the vase. The vase was later valued by an auction house as worth ￡20,000 at the date of the sale.Ignoring the annual exemption, what is the total value of potentially exempt transfers made by Donald as a result of these gifts?

A ￡21,000 B Nil C ￡2,000 D ￡19,000

题型: 单选题 提问时间: 2021-08-24

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8 .Kirstin gave shares worth ￡150,000 to a trust on 15 September 2008 and shares worth ￡600,000 to her brother on 10 July 2013. The nil rate band in 2008/09 was ￡312,000 and in 2013/14 it was ￡325,000. Kirstin died on 23 October 2016.Ignoring the annual exemption, what is the inheritance tax payable on Kirstin’s death inrelation to her lifetime transfers?

A ￡170,000 B ￡88,000 C ￡136,000 D ￡132,160

题型: 单选题 提问时间: 2021-08-24

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9 .Mary made the following gifts in the tax year 2016/17:(1) ￡1,000 on the first day of each month for nine months to her grand-son to pay university living expenses. Mary used income surplus to her living requirements to make these payments.(2) ￡100 to her grand-nephew on his birthday and a further ￡250 to the same grand-nephew as a Christmas gift. Ignoring the annual exemption, what is the total value of potentially exempt transfers made by Mary as a result of these gifts?

A ￡9,350 B ￡100 C ￡9,000 D ￡350

题型: 单选题 提问时间: 2021-08-24

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10 .What is the net value for the two properties in (1) which will be included in the calculation of Ning’s chargeable estate were she to die on 20 March 2017?

A ￡1,024,000 B ￡956,000 C ￡933,600 D ￡864,000

题型: 单选题 提问时间: 2021-08-24

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