ACCA 2026 TX Taxation Tax Allowances Free Quiz 2

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ACCA 2026 TX Taxation Tax Allowances Free Quiz 2

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ACCA 2026 TX Taxation Tax Allowances Free Quiz 2

Practice ACCA 2026 TX Taxation MCQs from Tax Allowances. Get instant results with Explanation.

General10 MCQs

1. What allowances are available to businesses?

A. Businesses can claim capital allowances and the trading allowance to reduce taxable profitsB. Businesses cannot claim any allowancesC. Allowances are only for individuals, not businessesD. Allowances do not affect the tax computation

2. How does the personal allowance taper work?

A. The personal allowance taper starts at £50,000B. The personal allowance taper reduces the allowance by £2 for every £1 of income above £100,000C. The personal allowance is not reduced for high earnersD. The personal allowance is reduced by £1 for every £2 of income above £100,000

3. What is the annual exempt amount for CGT?

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

4. What is the inheritance tax nil rate band?

A. The IHT nil rate band is £500,000B. The IHT nil rate band is £200,000C. The IHT nil rate band is £325,000, with an additional residence nil rate band of £175,000D. The IHT nil rate band is not applicable to married couples

5. What is the annual ISA allowance for 2023/24?

A. The ISA allowance is £20,000 for 2023/24B. The ISA allowance is £10,000 for 2023/24C. The ISA allowance is £50,000 for 2023/24D. The ISA allowance is not available to UK residents

General10 MCQs

6. What is the transferable tax allowance (marriage allowance)?

A. The transferable tax allowance is £5,000B. The transferable tax allowance is £2,000C. The transferable tax allowance is not available to couples where both are workingD. The transferable tax allowance is £1,260 for 2023/24

7. What is the property allowance?

A. The property allowance is £5,000B. The property allowance is £1,000 for 2023/24C. The property allowance is £2,500D. The property allowance is not available for furnished holiday lettings

8. What is the annual pension allowance for 2023/24?

A. The annual pension allowance is £40,000B. The annual pension allowance is £100,000C. The annual pension allowance is £60,000 for 2023/24D. The annual pension allowance is £20,000

9. What is the writing down allowance for the special rate pool?

A. The special rate pool has a writing down allowance of 6%B. The special rate pool has a writing down allowance of 18%C. The special rate pool has a writing down allowance of 100%D. The special rate pool is not subject to writing down allowances

10. What is the writing down allowance for the main rate pool?

A. The main rate pool has a writing down allowance of 6%B. The main rate pool has a writing down allowance of 100%C. The main rate pool has a writing down allowance of 25%D. The main rate pool has a writing down allowance of 18%

📋 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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