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Law CBE (ATT/CTA) > Miscellaneous 2 > Flashcards

Miscellaneous 2 Flashcards

1
Q

In tax matters, how is delegated legislation made?

A

Statutory instrument

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2
Q

True or false, the rules of common law and equity are separate?

A

True

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3
Q

True or false, it is not possible to bring an action and seek remedies at common law and equity at the same time?

A

False

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4
Q

Simon, a tax advisor recommends a tax avoidance scheme designed by his firm to a client. True or false, Simon could be guilty of negligence if he fails to point out the possible tax advantages of carrying out a transaction in one way or another?

A

True

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5
Q

Which act is false representation an offence under?

A

The Fraud Act 2006

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6
Q

True or false, cheating the public revenue is an offence under the Fraud Act 2006?

A

False

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7
Q

True or false, it is an implied term in contracts between businesses by the Supply of Goods and Services Act 1992 for the client to be entitled to a reasonable about of damages for a breach of contract where the price charged is not stipulated in the contract?

A

False, but the client must pay a reasonable charge to the tax practitioner, the tax practitioner must perform the contract in a reasonable time period and perform their work with reasonable care and skill to a proper standard of workmanship

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8
Q

True or false, trademarks can only be registered in respect of particular goods or services, or classes of goods or services?

A

True

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9
Q

True or false, trademarks can only be protected by registering them under the Trade Marks Act 1994?

A

False

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10
Q

True or false, a franchise is a type of license?

A

True

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11
Q

What is the definition of a premium payable under a lease?

A

A one off capital sum paid by the tenant to the landlord

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12
Q

What is a license?

A

Where a person has ben given permission by the occupier of land to do something which would otherwise be unlawful in respect of the land by another person

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13
Q

If you buy a car, lend it to your brother, and your brother’s wife uses it, who owns and possesses the car?

A

You own the car and the brother’s wife possesses it

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14
Q

What are goods defined as?

A

Tangible moveable property

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15
Q

True or false, a payment in respect of a restraint of trade clause in an employment contract is always subject to income tax?

A

True

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16
Q

True or false, it does not matter if a restraint of trade clause is reasonable in the interest of the public?

A

False

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17
Q

True or false, offering an alternative price constitutes making an offer?

A

True

18
Q

Rajit tells Nick that Simon is acting on his behalf in respect of the sale of Rajit’s house.

As a result, Nick enters into a contract with Simon to purchase Rajit’s house.

Based on this information, what is the name of the authority with which Simon is acting?

A

Apparent authority

19
Q

True or false, a guarantor may incur a loss for capital gains tax purposes?

A

True

20
Q

True or false, the right to decide the length of time to take to complete a job is not a factor used to test the degree of control over an individual’s activities?

A

True

21
Q

True or false, unfair dismissal can occur when the reason for the dismissal is fair, but reasonable procedures were not followed?

A

True

22
Q

What would you expect to see in a written partnership agreement?

A

The date on which the partnership is to commence and its duration
The keeping of books and accounts
Restrictions on the activities of partners, for example other occupations and businesses in which the partners may not engage

23
Q

True or false, tax legislation can treat a sole trader as being separate from their business?

A

True

24
Q

True or false, a sole trader cannot pay voluntary class 3 NIC?

A

False

25
Q

What is always a legal requirement for running a business?

A

Keeping records

26
Q

What debts are new partners liable for?

A

Only debts of the partnership incurred after they became partners

27
Q

What 3 terms are implied into the partnership agreement according to the Partnership Act 1890?

A

No interest is paid on capital
Partners are entitled to a 5% interest on loans to the partnership above their original capital
All partners are entitled to access the partnership books

28
Q

Someone dies leaving a valid will. There are no executors able to act. You agree to be a personal representative. What grant of representation is issued to you?

A

Grant of letters of administration with will annexed

29
Q

If an individual dies in England without a valid Will, leaving behind a spouse and child, what will the spouse receive?

A

the personal chattels, a statutory legacy of £270,000 and a absolute interest in half of the residue only

30
Q

What is the name of the order issued when a couple divorces, and the minor children are allowed to remain the family home?

A

A mersher order

31
Q

True or false, a residual legacy will fail if it has been disclaimed by the named beneficiary?

A

True

32
Q

True or false, a residual legacy will fail if the legatee dies before the testator?

A

True

33
Q

What is a protective trust?

A

A trust that automatically ends if a beneficiary becomes bankrupt or tries to sell their interest

34
Q

True or false, trustees can appoint a new trustee when an existing trustee leaves the country for more than 6 months?

A

False

35
Q

True or false, trustees can appoint a new trustee when an existing trustee becomes bankrupt?

A

True

36
Q

Sijo holds 250 shares in a company on trust for Tim.

Tim is absolutely entitled to the property and, if Tim wishes, Sijo must hand over the legal title.

True or false, Sijo is Tim’s nominee and Sijo is entitled to dividends?

A

False, Sijo is Tim’s nominee but he is not entitled to dividends

37
Q

What rights does a participating preference shareholder have?

A

A right to a fixed rate dividend
A right to dividends in proportion to those paid to other classes of shareholder

38
Q

When does a company need bespoke articles?

A

When it is limited by guarantee

39
Q

Do bespoke articles need to be submitted to companies house?

A

Yes

40
Q

Who can challenge voluntary arrangements?

A

Creditors and shareholders

Law CBE (ATT/CTA) (25 decks)

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