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Law CBE (ATT/CTA) > Miscellaneous > Flashcards

Miscellaneous Flashcards

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1
Q

True or false, is it not compulsory for a company to maintain a register of charges?

A

False

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2
Q

True or false, it is not compulsory for a company to maintain a register of disclosed interests in shares?

A

True

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3
Q

True or false, it is compulsory for a company to maintain a register of people with significant control over the company?

A

True

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4
Q

True or false, it is not compulsory for a company to maintain a register of debenture holders?

A

True

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5
Q

A partnership’s partnership agreement does not allow dissolution upon giving notice. How might their partnership be terminated?

A

Bankruptcy
Court order
Agreement

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6
Q

True or false, an individual does not have to have a domicile?

A

False

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7
Q

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?

A

True

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8
Q

For Enterprise Investment Scheme (EIS) relief, the word ‘issue’ in relation to shares means what?

A

Unissued shares are applied for, allotted and finally registered

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9
Q

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?

A

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

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10
Q

What are the IHT and CGT rules between spouses and civil partners?

A

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

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11
Q

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?

A

True

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12
Q

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?

A

£270,000 (plus interest from the date of death), personal chattels, and half the residue of the estate

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13
Q

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?

A

Indemnity

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14
Q

What is a concurrent will?

A

Where there are two valid wills in place at once

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15
Q

What are the three functions of the crown?

A

To conduct the administration of government
To protect the realm
To formulate policies

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16
Q

When does a breach of trust arise?

A

When trustees fail to carry out their duties in accordance with the terms of the trust instrument or the law

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17
Q

What does a compulsory liquidation begin with?

A

A court order

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18
Q

In relation to trusts, what does the rule against perpetuities concern?

A

The length of time that property may be in the trust

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19
Q

True or false, debenture holders are debtors of the company?

A

False

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20
Q

True or false, debenture holders have a contractual relationship with the company?

A

True

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21
Q

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?

A

31 December 2081

22
Q

What are the four unities when property is acquired as joint tenants?

A

Unity of possession
Unity of interest
Unity of time
Unity of title

23
Q

What is a trading public company required to have in respect of share capital?

A

A minimum allotted share capital of £50,000, of which at least one quarter must be paid up, plus the whole of any premium

24
Q

Which debts would rank HMRC as a secondary preferential creditor?

A

Net VAT
Income tax of an employee deducted under PAYE
Monies deducted under the Construction Industry Scheme

25
Q

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

A condition precedent

26
Q

Your neighbour has the right of access over your driveway. Who has the servient and dominant tenement?

A

You have the servient tenement
Your neighbour has the dominant tenement

27
Q

When a beneficiary enjoys their interest for as long as someone else is alive, this is known as…?

A

An interest pur autre vie

28
Q

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?

A

Neither an ordinary resolution nor special

29
Q

What are examples of extra statutory material published by HMRC?

A

Statements of practice
Tax Bulletins
Press releases

30
Q

In certain circumstances, an employer may be liable for the acts of an employee committed in the course of employment.

This is known as?

A

Vicarious libiability

31
Q

True or false, the corporate veil will be lifted if a private company is trading without a trading certificate?

A

False

32
Q

True or false, the corporate veil will be lifted if an insolvent company is continuing to trade?

A

True

33
Q

True or false, general partnerships do not need to publish accounts or have an audit, nor have sufficient records?

A

False, they do not need to publish accounts nor have an audit, but they do need to have sufficient records

34
Q

True or false, a trust arises when beneficial and equitable ownership in property are not vested in the same person?

A

False

35
Q

True or false, equitable ownership vests in the beneficiary?

A

True

36
Q

What is the doctrine of precedent also known as?

A

Stare decisis

37
Q

Is produce that grows with the intervention of human labour land or not land?

A

Not land

38
Q

Are intangible rights over land, land or not land?

A

Land

39
Q

True or false, a public company may have just one director?

A

False

40
Q

True or false, a public company can have just one member?

A

True

41
Q

True or false, the company can provide its SIC code once it commences trading?

A

False

42
Q

Who is a moratorium overseen by?

A

An insolvency practitioner

43
Q

When can a public company make a distribution?

A

Only if its net assets are, at the time not less than the aggregate of its called up share capital

44
Q

True or false, pensions and pension schemes can be included in the wider written agreement?

A

True

45
Q

True or false, information on where rules on health and safety may be found are in the wider written agreement?

A

False, they must be in the principle written statement

46
Q

What act does failure to prevent the facilitation of tax evasion come under?

A

The Criminal Finances Act 2017

47
Q

What act does tax evasion come under?

A

Fraud Act 2006

48
Q

True or false, a maximum of four executors may be appointed under a will?

A

False

49
Q

True or false, an administrator must be a licensed insolvency practitioner?

A

True

50
Q

True or false, as long as an administration order is in force, the company cannot be wound up without the court’s permission?

A

True

Law CBE (ATT/CTA) (25 decks)

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