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1

When does an online tax return need to be done by

31 January following end of tax year to which it relates

2

When does a paper tax return need to be submitted by?

31 October following end of tax year to which it relates

3

Explain Entrepreneur relief

-Have to hold at least 5% of the voting shares
-Asset had to be owned at least 2 year
-10% CGT on £10 million gains

4

Explain a help to buy ISA

- For every £200 saved there is a £50 bonus to up a maximum of £3k on £12k.
- Not paid until completion of property purchase, so can't use it as a deposit

5

What is the maximum property house values for a Help to Buy ISA

£250k and £450k for London.

6

What is the difference between fixed and individual protection

Fixed protection - no more contributions

Individual protection - conts can be paid but pension savings in excess of LTA will be taxed

7

What is a capital redemption bond?

They have no lives assured but generally have a maturity date of under 99 years

8

What is the minimum amount of trustees you must have? And what is the maximum?

No limit, but if it is land there must be 2 trustees

For a trust corporation the maximum number of trustees is 4

9

What are the two minimum requirements to be a trustee?

1. Over 18

2. Of sound mind

10

What is a mutual will?

identical wills and cannot be revoked without the consent of the other

11

Carl, who is self-employed, has recently claimed under his income protection policy. The benefits paid to him will be paid:

The correct answer is: gross and not subject to income tax and National Insurance.

12

Tania has received the benefits on maturity of a second-hand endowment policy that she purchased some years ago. The gain that she has made will be subject to what type of tax

a. subject to capital gains tax

13

mortgage payment protection insurance Taxation

no tax relief on premiums and no tax on benefits.

14

What is the gov interest rate

2.5% so difference between this and cheap loan is the taxable benefit amount