Apple Ltd owns 85% of the ordinary share capital of Banana Ltd. Banana Ltd owns 75% of the ordinary share capital of Custard Ltd. Custard Ltd owns 100% of the ordinary share capital of Dairy Ltd and 75% of the ordinary share capital of Eden Ltd.Which companies form a chargeable gains group with Apple Ltd?

1 .Sunny Ltd has had the following results: Period Profit/(loss) ￡ Year ended 31 December 2014 (120,000) Five-month period ended 31 December 2013 47,000 Year ended 31 July 2013 90,000 The company does not have any other income.How much of Sunny Ltd’s trading loss forthe year ended 31 December 2014 can be relieved against its total profits of ￡90,000 for the year ended 31 July 2013?

A ￡52,500 B ￡70,000 C ￡73,000 D ￡90,000

题型: 单选题 提问时间: 2021-08-24

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2 .Fossil plc has the following shareholdings:(1) 52% in Turquoise Ltd(2) 75% in Boulder plc, a dormant company since 2010(3) 100% in Pyrope GmBH, a company incorporated and managed and controlled in Germany.Turquoise Ltd owns 51% of the shares in Peanut Ltd. All companies are trading companies, except Boulder plc.How many associated companies does Fossil plc have for corporation tax purposes?

A One B Two C Three D Four

题型: 单选题 提问时间: 2021-08-24

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3 .For the year ended 31 March 2015, Strawberry Ltd had three associated companies.What are the lower and upper limits that will be used to determine Strawberry Ltd’s corporation tax liability for the year ended 31 March 2015?

A Lower ￡300,000; Upper ￡1,500,000 B Lower ￡100,000; Upper ￡500,000 C Lower ￡75,000; Upper ￡375,000 D Lower ￡60,000; Upper ￡300,000

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4 .Which of the following is NOT available for group relief?

A Unrelieved trading losses B Unrelieved capital losses C Unrelieved property business losses D Unrelieved qualifying charitable donations

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5 .Grebe Ltd owns 100% of the ordinary share capital of Bird Ltd. For the year ended 31 March 2015 Grebe Ltd had taxable total profits of ￡225,000. For the nine-month period ended 31 December 2014 Bird Ltd had a trading loss of ￡145,000.How much of Blue Ltd’s trading loss can Green Ltd claim against its taxable total profits for the year ended 31 March 2014?

A ￡108,750 B ￡145,000 C ￡168,750 D ￡225,000

题型: 单选题 提问时间: 2021-08-24

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7 .Cranky Ltd owns 100% of the ordinary share capital of Mither Ltd. Both companies make up their accounts to 31 December. On 20 July 2014 Mither Ltd sold a factory building which resulted in a chargeable gain. On 27 December 2014 Cranky Ltd sold an office building that resulted in a capital loss.By what date must Cranky Ltd and Mither Ltd make an election if they want their respective capital loss and chargeable gain to be matched?

A 31 December 2015 B 20 July 2016 C 27 December 2016 D 31 December 2016

题型: 单选题 提问时间: 2021-08-24

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8 .Katrina made a gift of 3,000 ￡1 ordinary shares in CTS Ltd, an unquoted investment company. CTS Ltd has 20,000 ￡1 ordinary shares in issue. Before the transfer Katrina owned 11,000 of these shares. The shares are worth ￡18 each for a holding of 14%, ￡24 each for a holding of 40%, and ￡37 each for a holding of 55%.What value has been transferred by Katrina in making the gift?

A ￡54,000 B ￡72,000 C ￡111,000 D ￡215,000

题型: 单选题 提问时间: 2021-08-24

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9 .Lily wishes to make gifts to her grandchildren, Andrew and Patrick rather than her daughter Kim.Why might this be beneficial for inheritance tax (IHT) purposes?

A To avoid a double charge to IHT B To maximise the use of the nil rate band C Because it postpones the payment of the IHT liability D Because there is a greater chance of the gift becoming exempt

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10 .On 1 August 2014 Amanda made a gift to a trust of ￡550,000 (after deducting available exemptions). Amanda will pay the inheritance tax arising from the gift. She has not made any previous lifetime gifts.What is Amanda’s lifetime inheritance tax liability in respect of the gift?

A ￡45,000 B ￡56,250 C ￡90,000 D ￡137,500

题型: 单选题 提问时间: 2021-08-24

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