ACCA F6 : Taxation And Pension Contributions! Trivia Quiz
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MCQ quiz of Chapter 5 of ACCA F6 Taxation (Pension)
- 1.Two types of pension are Personal Pension and __________ Pension.
- A.
Job
- B.
Work
- C.
Occupational
- D.
Professional
- 2._______________ is also known as Money Purchase Scheme.
- A.
Personal Pension
- B.
Occupational Pension
- C.
Defined Benefit
- D.
Defined Contribution
- 3.An individual can contribute in __________ pension scheme(s) subject to certain limits.
- A.
More than one
- B.
Only One
- C.
Less than one
- 4.Tax relievable pension contributions can be made by a person under the age of:
- A.
55
- B.
65
- C.
75
- D.
85
- 5.The minimum amount of pension contributions that can be made by anyone (less than 75) is:
- A.
£1,000
- B.
£2,500
- C.
£3,600
- D.
£10,000
- 6.Relevant earnings, in respect of an individual for pension contributions, is broadly:
- A.
Employment Income, Trading Income and Furnished Holiday Lettings
- B.
Employment Income, Trading Income and Rental Income
- C.
Employment Income, Trading Income and Patent & Royalties
- D.
Employment Income, Trading Income and Dividends
- 7.Romeo earned £10,000 from his employment, £5,000 from self-employment, £2,000 gross from dividends and £3,000 net from Building Society Interest. The maximum contribution that attracts tax relief is:
- A.
£3,600
- B.
£10,000
- C.
£15,000
- D.
£20,000
- 8.If a person with relevant earnings of £15,000 pays £10,000 to an HMRC approved pension scheme (personal); his pension fund will increase by:
- A.
£3,600
- B.
£10,000
- C.
£12,500
- D.
£15,000
- 9.Annual allowance (maximum amount that can be contributed each year) for £2011/12 is:
- A.
£25,000
- B.
£50,000
- C.
£75,000
- D.
£ 80,000
- 10.George contributed £30,000, £40,000, £50,000 and £60,000 gross personal pension contributions in the tax years 2007/08, 2008/09, 2009/10 and 2010/11. What is the maximum contribution the person can make in 2011/12 attracting tax relief?
- A.
£40,000
- B.
£50,000
- C.
£60,000
- D.
£70,000
- 11.Trow made £5,000 contributions in excess of the annual allowance who is additional rate taxpayer. The treatment of the excess of contribution over the annual allowance is:
- A.
£5,000 will be considered as non-savings income and he will pay tax on the same
- B.
There will be no additional tax payable
- C.
£5,000 will be reduced from the non-savings income
- D.
£5,000 will be deducted from the annual allowance of next year
- 12.Pension fund can be utilized when a person reaches the age of:
- A.
45
- B.
55
- C.
65
- D.
75
- 13.Lifetime allowance for 2011/12 is:
- A.
£1,000,000
- B.
£1,400,000
- C.
£1,800,000
- D.
£2,200,000
- 14.If the pension fund exceeds annual allowance at the time benefit is started (vested), the excess over £1,800,000 will give rise to:
- A.
Excess being penalized at 10%
- B.
55% taxed if excess value withdrawn
- C.
25% taxed if excess value withdrawn
- D.
All taxed at 10%
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