Tax valuation and reporting

In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again.

  1. Estate duty has now been replaced by?

  2. Stamp duty on gifts is?

  3. Which section of the TCGA 1992 defines market value?

  4. Which section of the Inheritance Tax Act defines market value?

  5. A person can make a non chargeable (exempt) transfer to a non-domiciled spouse of?

  6. What is a transfer of value for Inheritance tax?

  7. A person acquired a set of four paintings in 1964 for GBP 5,000, gave two to his wife and both gave them to their son. The set would be valued at GBP 60,000; separately they are worth GBP 10,000 each. What would be the value of each transfer for Inheritance tax?

  8. An asset is worthless; how long to you have to submit a negligible value claim to HMRC?

  9. Which section of TCGA 1992 deals with negligible value claims?

  10. How does ITEPA 2003 define market value?