Cii 21/22 mock

Question 1

Which type of shares are not liable to Stamp Duty when purchased?

Answer 1

AIM shares

Question 2

Which type of shares are not liable to Stamp Duty when sold?

Answer 2

All types of shares; you only pay SD on purchases

Question 3

When surrendering a bond and selling shares, both with gains, what order are they added to your gross income for the year?

Answer 3

Chargeable gain will first be top sliced
Then gain is added to income

Question 4

What does it mean if someone is a P11D employee?

Answer 4

They receive benefits in kind

Question 5

If I owe income tax, capital gains tax, and class 2 and 4 NICs from earnings in the tax year 22/23, when will each be due?

Answer 5

January 2023: Class 4 & IT
July 2023: Class 4 & IT
January 2024: Class 2 & Capital Gains Tax (with a balancing payment of anything due from Class 4 & IT)

Question 6

What is the tax position on offshore bank accounts producing interest?

Answer 6

They are fully taxable.

Otherwise it would be too easy to just have everyone open up Swiss accounts and get same interest rates tax free.

Question 7

If you’re a higher rate taxpayer and get an annuity payment of £1,000 and an occupational pension scheme payment of £1,000, how will they get paid?

Answer 7

Annuity will be net of BRT (£800)
OPS (i.e. DB scheme) will be (£600)