Unit 8: Part 2

Question 1

The Tax System in the UK stipulates exemptions

Answer

true

Question 2

As a UK tax payer you are expected to pay Income Tax on ANY income you make

Answer

true

Question 3

AS a UK tax payer you are expected to pay Income Tax on ANY income you make beyond the stipulated Personal Allowance

Answer

true

Question 4

Income Tax is only applicable to wages

Answer

true

Question 5

Dividends and Coupon Payments are tax exempt

Answer

true

Question 6

Capital Gain Tax does not apply to Gilts

Answer

true

Question 7

Capital Gain Tax does not apply to bonds issued by British companies

Answer

true

Question 8

What type of tax would an investor pay?

Accepted Answer

It depends on the source of the profit: sale of equity, dividends, rents? You need to be more specific

Answer

Capital Gain Tax only

Answer

Capital Gain Tax and Dividends

Question 9

The profitable sale of equity incurs in C[blank_start]apital[blank_end] G[blank_start]ain[blank_end] T[blank_start]ax[blank_end]

Accepted Answer

apital

Accepted Answer

ain

Accepted Answer

ax

Question 10

The sale of equity CAN result in Capital Gain Tax

Answer

true

Question 11

The sale of equity MUST result in Capital Gain Tax

Answer

true

Question 12

Rhiannon needs your help. Her house is worth £400,000. Can you help her calculate the potential Inheritance 
Tax? Take your time...

Accepted Answer

£30,000

Answer

£16,000

Answer

£1,600

Question 13

The Inheritance Tax Rate amounts to 40% of any estate

Answer

true

Question 14

The Inheritance Tax Rate amounts to 40% of any estate above the allowance of £300,000

Answer

true

Question 15

The Inheritance Tax Rate amounts to 40% of any estate above the allowance of £325,000

Answer

true

Question 16

Profits made on the sales of Gilts are tax exempt

Answer

true

Question 17

Taxes only apply to income

Answer

true

Question 18

Help Alfonsa van der Boom calculate her Tax bill for this fiscal year. She has made £13,000 from her free lance activities, she received a bequest of £5,000 from an aunt and, this year, she has received £3400 from dividends, plus she sold her Gilts portfolio and made £1000. How much money should she set aside for her tax bill?

Accepted Answer

£208.5

Answer

£86

Answer

£122.5

Answer

She is tax exempt this year

Question 19

What is Dave's tax bill this fiscal year going to be? He has made £50,000 from his free lance work, rental paid by his tenant /lodger Alfonsa van der Boom, brings in £700 a month. His portfolio has yielded dividends of 4% (or £2,800), plus his holiday home has brought in £3428.

Accepted Answer

I have not enough information: is Alfonsa a lodger in his home or a tenant of a different property.

Answer

I have not enough information; has he sold his ETF portfolio?

Answer

He pays 20% on the difference between £50,000 (his income) and £12,750 Personal allowance

Answer

I have not enough information: is his ETF porfolio invested via an ISA?

Question 20

Fiscal = related to tax.

Answer

true

Unit 8: Part 2

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