HKT Ltd is a trading company set up in the Hong Kong SpecialAdministrative Region by a Beijing company, BJT Ltd. BJT Ltd exports goods fromChina to HKT Ltd for resale to customers in Europe. The purchase and sale contracts between HKT Ltd and the Eur

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• 1You should assume that the tax allowances for the tax year 2018–19 applied in previous tax years.

  You should assume that the tax allowances for the tax year 2018–19 applied in previous tax years.

  Hali and Goma are a married couple.

  Capital losses brought forward

  Hali had capital losses of £39,300 for the tax year 2016–17. He had chargeable gains of £15,700 for the tax year 2017–18.

  Goma had capital losses of £9,100 and chargeable gains of £6,900 for the tax year 2017–18. She did not have any capital losses for the tax year 2016–17.

  Ordinary shares in Lima Ltd

  On 24 July 2018, Hali sold 5,000 £1 ordinary shares in Lima Ltd, for £4·95 per share. Lima Ltd’s shares have recently been selling for £5·30 per share, but Hali sold them at the lower price because he needed a quick sale.

  Goma, Hali’s wife, had originally subscribed for 30,000 ordinary shares in Lima Ltd at their par value of £1 per share on 28 July 2007. On 18 August 2016, she gave 8,000 ordinary shares to Hali. On that date, the market value for 8,000 shares was £23,200.

  Hali and Goma will both dispose of their remaining shareholdings in Lima Ltd during the tax year 2019–20. However, they are unsure as to whether these disposals will qualify for entrepreneurs’ relief.

  Antique table

  On 11 October 2018, an antique table owned by Hali was destroyed in a fire. The table had been purchased on 3 June

  2009 for £44,000. Hali received insurance proceeds of £62,000 on 12 December 2018, and on 6 January 2019, he purchased a replacement antique table for £63,600. Hali will make a claim to roll over the gain arising from the receipt of the insurance proceeds.

  Disposals by Goma during the tax year 2018–19

  Goma disposed of the following assets during the tax year 2018–19, all of which resulted in gains:

  (1) Qualifying corporate bonds sold for £38,300

  (2) A motor car (suitable for private use) sold for £11,600

  (3) An antique vase sold for £6,200

  (4) A copyright (with an unexpired life of eight years when purchased) sold for £5,400

  (5) Quoted shares held within an individual savings account (ISA) sold for £24,700

  1.What amount of unused capital losses do Hali and Goma have brought forward to the tax year 2018–19?

        Hali            Goma

  A £23,600       £9,100

  B £23,600       £2,200

  C £35,300       £9,100

  D £35,300       £2,200

  2. What cost figure and what value per share (disposal value) will be used in calculating the chargeable gain on Hali’s sale of 5,000 ordinary shares in Lima Ltd?

      Cost figure      Value per share

  A £5,000             £4·95

  B £14,500           £4·95

  C £14,500           £5·30

  D £5,000             £5·30

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• 2You should assume that the tax allowances for the tax year 2018–19 applied in previous tax years.

  You should assume that the tax allowances for the tax year 2018–19 applied in previous tax years.

  Hali and Goma are a married couple.

  Capital losses brought forward

  Hali had capital losses of £39,300 for the tax year 2016–17. He had chargeable gains of £15,700 for the tax year 2017–18.

  Goma had capital losses of £9,100 and chargeable gains of £6,900 for the tax year 2017–18. She did not have any capital losses for the tax year 2016–17.

  Ordinary shares in Lima Ltd

  On 24 July 2018, Hali sold 5,000 £1 ordinary shares in Lima Ltd, for £4·95 per share. Lima Ltd’s shares have recently been selling for £5·30 per share, but Hali sold them at the lower price because he needed a quick sale.

  Goma, Hali’s wife, had originally subscribed for 30,000 ordinary shares in Lima Ltd at their par value of £1 per share on 28 July 2007. On 18 August 2016, she gave 8,000 ordinary shares to Hali. On that date, the market value for 8,000 shares was £23,200.

  Hali and Goma will both dispose of their remaining shareholdings in Lima Ltd during the tax year 2019–20. However, they are unsure as to whether these disposals will qualify for entrepreneurs’ relief.

  Antique table

  On 11 October 2018, an antique table owned by Hali was destroyed in a fire. The table had been purchased on 3 June

  2009 for £44,000. Hali received insurance proceeds of £62,000 on 12 December 2018, and on 6 January 2019, he purchased a replacement antique table for £63,600. Hali will make a claim to roll over the gain arising from the receipt of the insurance proceeds.

  Disposals by Goma during the tax year 2018–19

  Goma disposed of the following assets during the tax year 2018–19, all of which resulted in gains:

  (1) Qualifying corporate bonds sold for £38,300

  (2) A motor car (suitable for private use) sold for £11,600

  (3) An antique vase sold for £6,200

  (4) A copyright (with an unexpired life of eight years when purchased) sold for £5,400

  (5) Quoted shares held within an individual savings account (ISA) sold for £24,700

  5.How many of the five assets disposed of by Goma during the tax year 2018–19 are exempt assets for the purposes of capital gains tax (CGT)?

  A Three

  B Five

  C Two

  D Four

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• 3Samuel is planning to leave the UK to live overseas, having always previously been resident in the U

  Samuel is planning to leave the UK to live overseas, having always previously been resident in the UK. Neither the automatic overseas residence nor the automatic UK residence test will apply. Samuel has several ties with the UK and will need to visit the UK for 60 days each tax year. However, he wants to be not resident after he leaves the UK.

  1.For the first two tax years after leaving the UK, what is the maximum number of ties which Samuel could keep with the UK without being treated as resident in the UK?

  A.One

  B.Three

  C.Two

  D.Four

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• 4Which of the following involves an offer which may only be accepted by performing an action? A A co

  Which of the following involves an offer which may only be accepted by performing an action?

  A A collateral contract

  B A unilateral contract

  C A bilateral contract (1 mark)

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• 5In relation to a debenture, which of the following is not true? A It may be issued at a discount B

  In relation to a debenture, which of the following is not true?

  A It may be issued at a discount

  B Interest on it may be paid from capital

  C It is paid after preference shares

  D It is freely transferable (2 marks)

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• 6 In contract law, the 'market rule' arises in relation to which of the following? A Offer B Consid

   In contract law, the 'market rule' arises in relation to which of the following?

  A Offer

  B Consideration

  C Remoteness

  D Mitigation (2 marks)

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• 7Which of the following statements about contracts of employment is true? A They can be made either

  Which of the following statements about contracts of employment is true?

  A They can be made either orally or in writing

  B They must be made in writing

  C They must be evidenced in writing (1 mark)

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• 8 Tan writes to Yun stating that he will sell his car to him for £10,000. At the same time, Yun writ

   Tan writes to Yun stating that he will sell his car to him for £10,000. At the same time, Yun writes to Tan stating that he will buy his car for £10,000. Which of the following statements applies to this situation?

  A There is a binding agreement due to the postal rule

  B There is a collateral contract

  C There is neither an agreement nor a contract (1 mark)

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• 9Which of the following is the consequence when a patient signs a medical consent form before an oper

  Which of the following is the consequence when a patient signs a medical consent form before an operation?

  A The patient gives up any right of action for any injury suffered

  B Any action for any injury suffered during the operation is limited to negligence

  C The level of any potential payment for any injury suffered is reduced (1 mark)

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• 10Where directors make a false statement of solvency prior to a members' voluntary liquidation, which

  Where directors make a false statement of solvency prior to a members' voluntary liquidation, which of the following have they committed under the relevant legislation?

  A A breach of criminal law with criminal penalties

  B A breach of civil law with criminal penalties

  C A breach of civil law with civil liability

  D A breach of both civil and criminal law with liabilities under both (2 marks)

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