Miscellaneous Flashcards
True or false, is it not compulsory for a company to maintain a register of charges?
False
True or false, it is not compulsory for a company to maintain a register of disclosed interests in shares?
True
True or false, it is compulsory for a company to maintain a register of people with significant control over the company?
True
True or false, it is not compulsory for a company to maintain a register of debenture holders?
True
A partnership’s partnership agreement does not allow dissolution upon giving notice. How might their partnership be terminated?
Bankruptcy
Court order
Agreement
True or false, an individual does not have to have a domicile?
False
True or false, no individual can be without a domicile. An individual cannot have more than one domicile at the same time, for the same purpose?
True
For Enterprise Investment Scheme (EIS) relief, the word ‘issue’ in relation to shares means what?
Unissued shares are applied for, allotted and finally registered
Jacob orders twenty sheep from Woolly Ltd. Ten sheep are delivered with a note of apology that these were the only ones available. What can Jacob do?
Jacob can send the 10 sheep back without paying anything
If Jacob accepts the 10 sheep, he must pay a reasonable price
Jacob may wish to accept the sheep as partial performance
What are the IHT and CGT rules between spouses and civil partners?
For CGT purposes, transfers of assets between spouses/civil partners who are living together in a tax year take place at no gain/no loss
For IHT purposes, transfers of assets between UK spouses/civil partners are exempt
True or false, membership of the Chartered Accountants in England and Wales entitles a tax adviser to help a client set up a stakeholder pension scheme?
True
Tony, who recently died, wrote a Will but never got round to signing it. He intended to leave £1M to his wife Cleo and the remaining £300,000 to their three grown-up children in equal shares.
What will Cleo inherit?
£270,000 (plus interest from the date of death), personal chattels, and half the residue of the estate
Byron is planning to purchase the shares of a publishing company. He has become concerned that the business may have some undisclosed debts.
What should Byron ask to be included in the contract for sale to protect him if this is the case, so that he could seek compensation without necessarily having to prove loss?
Indemnity
What is a concurrent will?
Where there are two valid wills in place at once
What are the three functions of the crown?
To conduct the administration of government
To protect the realm
To formulate policies
When does a breach of trust arise?
When trustees fail to carry out their duties in accordance with the terms of the trust instrument or the law
What does a compulsory liquidation begin with?
A court order
In relation to trusts, what does the rule against perpetuities concern?
The length of time that property may be in the trust
True or false, debenture holders are debtors of the company?
False
True or false, debenture holders have a contractual relationship with the company?
True
Jane wrote a book called ‘Tax planning for individuals’. Jane was born in 1971 and died in 2011.
When will copyright in her book last until?
31 December 2081
What are the four unities when property is acquired as joint tenants?
Unity of possession
Unity of interest
Unity of time
Unity of title
What is a trading public company required to have in respect of share capital?
A minimum allotted share capital of £50,000, of which at least one quarter must be paid up, plus the whole of any premium
Which debts would rank HMRC as a secondary preferential creditor?
Net VAT
Income tax of an employee deducted under PAYE
Monies deducted under the Construction Industry Scheme
What is the name of an offer that is subject to an event that must come into place before the contract comes into force?
A condition precedent
Your neighbour has the right of access over your driveway. Who has the servient and dominant tenement?
You have the servient tenement
Your neighbour has the dominant tenement
When a beneficiary enjoys their interest for as long as someone else is alive, this is known as…?
An interest pur autre vie
Mr Uppity holds half of the shares in Hargreaves Ltd. He tends to disagree with the other shareholders on most matters. What resolutions can he pass?
Neither an ordinary resolution nor special
What are examples of extra statutory material published by HMRC?
Statements of practice
Tax Bulletins
Press releases
In certain circumstances, an employer may be liable for the acts of an employee committed in the course of employment.
This is known as?
Vicarious libiability
True or false, the corporate veil will be lifted if a private company is trading without a trading certificate?
False
True or false, the corporate veil will be lifted if an insolvent company is continuing to trade?
True
True or false, general partnerships do not need to publish accounts or have an audit, nor have sufficient records?
False, they do not need to publish accounts nor have an audit, but they do need to have sufficient records
True or false, a trust arises when beneficial and equitable ownership in property are not vested in the same person?
False
True or false, equitable ownership vests in the beneficiary?
True
What is the doctrine of precedent also known as?
Stare decisis
Is produce that grows with the intervention of human labour land or not land?
Not land
Are intangible rights over land, land or not land?
Land
True or false, a public company may have just one director?
False
True or false, a public company can have just one member?
True
True or false, the company can provide its SIC code once it commences trading?
False
Who is a moratorium overseen by?
An insolvency practitioner
When can a public company make a distribution?
Only if its net assets are, at the time not less than the aggregate of its called up share capital
True or false, pensions and pension schemes can be included in the wider written agreement?
True
True or false, information on where rules on health and safety may be found are in the wider written agreement?
False, they must be in the principle written statement
What act does failure to prevent the facilitation of tax evasion come under?
The Criminal Finances Act 2017
What act does tax evasion come under?
Fraud Act 2006
True or false, a maximum of four executors may be appointed under a will?
False
True or false, an administrator must be a licensed insolvency practitioner?
True
True or false, as long as an administration order is in force, the company cannot be wound up without the court’s permission?
True
