ACCA — Chartered Certified Accountants

💰 Taxation (TX)
MCQ Practice

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All topics in Taxation (TX)

Every topic in the knowledge graph — mapped from the official syllabus and textbook.

UK Tax System Overview
Sources of Revenue Law and HMRC
Self-Assessment System
Tax Payment Deadlines and Payments on Account
Compliance Checks, Appeals and Penalties
Residence of Individuals
Employment Income
Trading Income and Adjusted Profit
Capital Allowances
Basis of Assessment — Self-Employment
Trading Loss Relief — Individuals
Partnerships
Property and Investment Income
Income Tax Computation
National Insurance Contributions
Pension Contributions and Income Tax Reliefs
Scope of Capital Gains Tax
CGT Basic Computation
Chattels and Private Residence Relief
Shares and Securities — CGT
CGT Rates, BADR, Investors Relief and Deferral
Inheritance Tax — Core Principles
IHT Lifetime Transfers, Death Estate, RNRB
IHT Exemptions, Planning and Payment
Scope of Corporation Tax
Taxable Total Profits
CT Capital Allowances and Full Expensing
CT Trading Loss Relief
CT Chargeable Gains and Indexation
Corporation Tax Liability Computation
CT Groups — Loss Relief and Asset Transfers
VAT Registration
VAT Computation
VAT Special Schemes
VAT Administration, Invoicing and Penalties
VAT Imports, Exports and International
Income Tax Planning Strategies
CGT Planning Strategies
Employment vs Self-Employment
Furnished Holiday Lettings
Lease Premium Taxation
Accrued Income Scheme and Gilt Treatment
Gift Aid Donations
ISAs and Tax-Exempt Investments
Child Benefit Tax Charge
Cash Basis for Small Businesses
Pre-Trading Expenditure
Short Life Assets
Rollover Relief and Gift Holdover Relief
Corporation Tax Property Income and Loan Relationships
Chargeable Lifetime Transfers — Lifetime IHT Computation
VAT Group Registration
Benefits in Kind — Detailed Rules
Corporation Tax — Marginal Relief Calculation
IHT on Death — PETs Becoming Chargeable
Class 2 and Class 4 NIC — Self-Employed
Business Asset Disposal Relief — Detailed Conditions
VAT on Imports and Exports — Postponed Accounting Detail
Share Pool Calculation — s.104 Worked Mechanics
Annual Tax on Enveloped Dwellings and SDLT Overview

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Short Life Assets

Question 1

What is the primary benefit of making a short life asset election for an asset expected to be disposed of early at a low value?

10:10 ✓✓

A It allows immediate 100% capital allowance in the year of purchase.

B It enables a balancing allowance to be claimed in full if disposed of below tax written down value within 8 years. ✓

C It reduces the main pool balance and increases the special rate pool.

D It exempts the asset from capital allowances and treats it as revenue.

10:10 ✓✓

✅ Correct!
SLA creates a separate pool; if disposed of below TWDV within 8 years, full balancing allowance is claimed (CAA 2001). Option B is correct. Option A describes full expensing, not SLA.

10:10 ✓✓

Chargeable Lifetime Transfers — Lifetime IHT Computation

Question 2

Which transfers are included in the 7-year cumulation for determining the available nil-rate band on a CLT?

10:10 ✓✓

A All lifetime gifts, including PETs and CLTs, made within seven years before the transfer.

B Only CLTs made within seven years before the transfer. ✓

C Only PETs that become chargeable on death.

D All gifts exceeding the annual exemption, regardless of type.

10:10 ✓✓

✅ Correct!
Only CLTs are included in cumulation during the donor’s lifetime (s.7 IHTA 1984). PETs are not chargeable until death, so excluded. Option A is a common misconception. C and D are incorrect—type, not size, determines inclusion.

10:10 ✓✓

CGT Planning Strategies

Question 3

An entrepreneur plans to sell her 10% stake in a trading company after 18 months of ownership. She wants to claim Business Asset Disposal Relief. What is the issue?

10:10 ✓✓

A BADR is only available on disposals of land, not shares

B She must hold 5% of ordinary share capital and voting rights for at least 2 years ✓

C BADR requires the business to cease trading before the sale

D She can only claim if she reinvests the proceeds

10:10 ✓✓

✅ Correct!
BADR requires 5% shareholding and voting rights for 2 years preceding disposal. TCGA 1992 s.169I. Option A is false — shares qualify; option C is wrong — business need not cease; option D confuses with rollover relief.

10:10 ✓✓

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💰 Taxation (TX)
MCQ Practice

Top 10 exam topics

All topics in Taxation (TX)

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💰 Taxation (TX)MCQ Practice

Top 10 exam topics

All topics in Taxation (TX)

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Simple, transparent pricing

Explore other ACCA papers

Ready to master Taxation (TX)?

💰 Taxation (TX)
MCQ Practice