Free RICS APC Revision Quiz - Capital Taxation (Residential)

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Question Title

* 1. What RICS guidance is there on capital taxation and valuation in the UK?

UK National Supplement

Red Book Global UK

Capital Taxation Manual

Question Title

* 2. What section of the UK National Supplement relates to taxation?

VPGA 2

UK VPGA 15

UK VPS 3

UK VPGA 17

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* 3. The valuations used by taxpayers in their tax computations are subject to examination by valuers from where?

VOA on behalf of HMRC

HMO on behalf of the VOA

SFO

NCA

HMRC directly

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* 4. Which of these defines Market Value for SDLT purposes?

S272 Taxation of Chargeable Gains Act 1992

S160 Inheritance Tax Act 1984

S118 Finance Act 2003

S98(8) Finance Act 2013

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* 5. Which of these defines Market Value for CGT purposes?

S272 Taxation of Chargeable Gains Act 1992

S160 Inheritance Tax Act 1984

S118 Finance Act 2003

S98(8) Finance Act 2013

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* 6. Which of these defines Market Value for ATED purposes?

S272 Taxation of Chargeable Gains Act 1992

S160 Inheritance Tax Act 1984

S118 Finance Act 2003

S98(8) Finance Act 2013

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* 7. Which of these defines Market Value for IHT purposes?

S272 Taxation of Chargeable Gains Act 1992

S160 Inheritance Tax Act 1984

S118 Finance Act 2003

S98(8) Finance Act 2013

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* 8. What does ATED stand for?

Annual Tax on Empty Dwellings

Annual Tax on Enveloped Dwellings

Annual Tax on Enclosed Dwellings

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* 9. Under the aforementioned Acts, what is Market Value broadly defined as?

The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion

The price which the property might reasonably be expected to fetch if sold in the open market at that time, but that price must not be assumed to be reduced on the grounds that the whole property is to be placed on the market at one and the same time

The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date

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* 10. Should a valuer use the term 'probate purposes' when referring to a valuation for IHT purposes?

Yes

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