22.12.06

When dealing with a part disposal, the cost applicable to the part disposed of is A/(A+B). What does A and B stand for in this equation?

• A= Area of part disposed of

  B = Area of part retained

• A= Proceeds of part disposed of

  B= Market Value of part retained

• A= Market value of part retained

  B= Proceeds of part disposed of

• A = Area of part retained

  B= Area of part disposed of

If a property has been the main residence for some time during its ownership then the last how many months are included within the residence period?

• 36 months

• 18 months

• 9 months

• 6 months

I have sold a chattel at a gain with proceeds greater than £6,000. How do we calculate the limited gain?

• 4/3 (Proceeds - £6,000)

• 3/5 (Proceeds - £6,000)

• 5/3 (Proceeds - £6,000)

• 1/2 (Proceeds - £6,000)

If I sell a chattel at a loss and the proceeds were under £6,000, how do you limit the loss?

• Use £6,000 as the proceeds rather than the actual proceeds

• Reduce the proceeds by £6,000

• Limit the loss to a maximum of £6,000

• This scenario cannot create a loss

When matching shares, firstly match shares bought on the same day as disposal and then match shares with any bought in x days after disposal. What is x?

• 5 days

• 10 days

• 25 days

• 30 days

What is the amount of the Residential Nil Rate Band

• 325,000

• 625,000

• 350,000

• 175,000

What is the marriage gift exemption for grandparents?

• 5,000

• 2,500

• 1,000

• 3,000

Having never gifted before in my life, I have just given a friend £20,000. What is the value of this Potentially Exempt Transfer?

• 20,000

• 17,000

• 14,000

• Nil (it is exempt)