Quick Knowledge Check

Before moving on, take a moment to reflect on what you’ve learned in this module. The short quiz below is designed to help you track your understanding and highlight anything you may want to revisit.

QUIZ

1. What is Stamp Duty primarily charged on?

A. Rental income

B. Sale of company shares

C. Purchase of property or land

D. Property repairs

E. Annual service charges

2. What is the additional Stamp Duty surcharge for non-UK residents buying residential property in England?

A. 1%

B. 2%

C. 3%

D. 4%

E. 5%

3. What does an annual service charge typically cover?

A. Mortgage repayments

B. Legal fees

C. Maintenance of communal areas

D. Council tax

E. Building insurance only

4. Who is usually responsible for paying council tax?

A. The mortgage lender

B. The estate agent

C. The local council

D. The property occupant

E. The solicitor

5. Which of the following is subject to income tax?

A. Sale of your main home

B. Inheritance money

C. Rental income from property

D. Value of the property

E. Mortgage balance

6. When might Capital Gains Tax be payable?

A. On salary from employment

B. On selling your main residence

C. On profits from selling an investment property

D. On receiving a gift

E. On mortgage interest

7. Do non-UK residents pay Capital Gains Tax on UK residential property?

A. No, they are exempt

B. Only if they own more than one property

C. Yes, on any gains made after April 2015

D. Only on commercial properties

E. Only if the property is rented

8. What does 'shared ownership' mean in UK property terms?

A. Renting with friends

B. Owning property through a company

C. Part buying and part renting a property

D. Co-owning with a landlord

E. Sharing title with the local authority

9. What is unique about a shared ownership mortgage?

A. It covers 100% of the property value

B. It includes council tax payments

C. It finances only the owned share of the property

D. It is interest-free

E. It is only available to investors

10. Who is a Buy to Let mortgage intended for?

A. First-time buyers

B. People living abroad

C. Those purchasing a home to rent out

D. Retired homeowners

E. Council tenants

Answers: 1. C, 2. B, 3. C, 4. D, 5. C, 6. C, 7. С, 8. С, 9. С, 10. С