ACCA 2026 TX Taxation Capital Gains Free Quiz 1

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ACCA 2026 TX Taxation Capital Gains Free Quiz 1

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ACCA 2026 TX Taxation Capital Gains Free Quiz 1

Practice ACCA 2026 TX Taxation MCQs from Capital Gains. Get instant results with Explanation.

General10 MCQs

1. What is capital gains tax?

A. CGT applies to all disposals including trading stockB. CGT applies to gains on disposal of assets by individuals and trustsC. CGT is the same as income taxD. CGT is only on property sales

2. What is the annual exempt amount for CGT for 2023/24?

A. The annual exempt amount is £12,300 for 2023/24B. The annual exempt amount is £10,000 for 2023/24C. The annual exempt amount is £6,000 for 2023/24D. The annual exempt amount is £3,000 for 2023/24

3. What are the CGT rates for individuals in 2023/24?

A. CGT rates are 10% (basic) and 20% (higher) for most assets; 18% and 28% for residential propertyB. CGT rates are a flat 20% for all gainsC. CGT rates are 10% for all gainsD. CGT rates are 25% for property and 15% for other assets

4. What assets are chargeable for CGT?

A. All assets are chargeable for CGTB. Only property is chargeable for CGTC. ISAs are chargeable for CGTD. Land, buildings, shares, and business assets are chargeable; the main home and ISAs are exempt

5. What is principal private residence relief?

A. PPR relief is not available if the property is rented outB. PPR relief exempts gains on the sale of a main homeC. PPR relief is only available for first-time buyersD. PPR relief is a flat percentage of the gain

General10 MCQs

6. What is Business Asset Disposal Relief (BADR)?

A. BADR provides a 0% rate on business gainsB. BADR provides a 20% rate on business gainsC. BADR provides a 10% rate on up to £1 million of qualifying business gainsD. BADR is available to all taxpayers regardless of business involvement

7. How are capital losses treated for CGT?

A. Capital losses can be offset against gains in the same year and carried forwardB. Capital losses can only be carried forward, not used in the same yearC. Capital losses cannot be used at allD. Capital losses can be used against income tax

8. What is the disposal consideration for CGT?

A. The disposal consideration is always the market valueB. The disposal consideration is the original costC. The disposal consideration is the profitD. The disposal consideration is the amount received, or market value for gifts, less allowable costs

9. What is the bed and breakfasting rule for shares?

A. Bed and breakfasting is allowed without restrictionB. The 30-day rule applies to shares sold and repurchased within 30 days, matching disposals with repurchasesC. Bed and breakfasting only applies to propertyD. Bed and breakfasting is not relevant for CGT

10. What is the payment deadline for CGT on UK residential property?

A. CGT on residential property is due on 31 January following the tax yearB. CGT on residential property is due 9 months after the saleC. CGT on residential property must be paid within 60 days of completionD. CGT on residential property is paid at the same time as income tax

📋 ACCA - Test Online Practice Quizzes

ACCA

Conducting Body: Association of Chartered Certified Accountants

Frequency: Exam Frequency Year Round | Time: 360 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 116 MCQs):

Business and Technology: 46 MCQs
Management Accounting: 35 MCQs
Financial Accounting: 35 MCQs
Corporate and Business Law: 45 MCQs

Merit Formula: -

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