Other

Question 1

Tax on Remittance

Answer 1

Non-Dom UK resident can elect to pay tax on remittance basis. For those that have been a UK resident for 7/9 years they pay a charge of £30k. For those that have been a UK resident for 12/14 years they pay a charge of £60k

Question 2

Statutory Residence Test

Answer 2

1) Auto Not Resident
In UK for 16 days or less or 46 days and not resident for last 3 tax years
2) Auto Resident
In UK for 183 days, carries out full time work, only home in UK and lived in for 30 days
3) Sufficient ties test
Ties are spouse and children, UK accommodation which is used, doing substantive work, 90 days or more in 2 years or more time than anywhere else

Question 3

State Pension - entitlement

Answer 3

Based on NIC
Minimum of 10 years needed to qualify
Max of 35 years to qualify for full basis state pension

Question 4

State Pension - if overseas

Answer 4

Would continue in payment

No further increases would apply if not living in a country within the EEA or countries with a reciprocal arrangement

Question 5

GAAR - General Anti-Abuse Rules

Answer 5

Applies to- corporation tax, income tax, CGT, IHT, SDLT, Diverted ProfitTax and NI

Question 6

GAAR - conditions that need to be satisfied for the application

Answer 6

Is there a tax arrangement hat gives rise to an advantage?
Does it relate to one of the affected taxes?
Is obtaining a tax advantage it’s main purpose
Is it abusive

Question 7

ISA - inherited allowance/additional permitted subscription

Answer 7

Is in addition to annual ISA allowance.
Based on the value at date of death/probate value
Can be from multiple providers
Must be claimed within 3 years of death or 180 days of estate administration if later

Question 8

Stamp Duty Land Tax

Answer 8

3% premium is added to each band in respect of rental properties

Question 9

What is a wasting asset?

Answer 9

Something with a lifespan of less than 50 years such as wine or racehorses