A Look at Recent Past Papers for the CII J02 Exam – April 2024
Last updated on July 17th, 2024 at 8:59 am
In this article, we are taking a look at the questions asked in four past exam papers of the CII’s Diploma in Financial Planning J02 exam – this is the unit that tests trusts.
This article is correct as at 2 April 2024.
The table below shows the topics tested in September 2023, March 2023, September 2022, and February 2022.
| Pros and cons of creating a trust. | Why a trust would be created. | Appointing trustees and when trustees can be replaced. | Choses in action and choses in possession. |
| Death of a trustee and appointment of new. | Trust vs contract law. | Joint tenants vs tenants in common. | Advantages to a settlor of using a trust. |
| Corporate trustee vs a family friend. | Secret trusts. | Accumulation and Maintenance trusts. | Definitions of a life interest; an absolute interest; a contingent interest. |
| Transfer into a discretionary trust. | Charitable trusts. | Investment powers of trustees. | Elements of a trust deed. |
| Trust deed information. | Bare trusts vs discretionary trusts. | UK domicile election and IHT advantages. | Role of a protector. |
| Definition of implied trusts, successive trusts and constructive trusts. | Duties of a UK trustee. | General powers vs lasting powers of attorney. | IHT on a trust. |
| Variation of trusts. | Powers of Attorney. | Mental Capacity Act 2005 and the OPG functions. | Excluded property trusts. |
| General powers of attorney. | Laws of intestacy. | Bankruptcy restrictions. | Lasting Powers of Attorney. |
| Duties of an executor. | Deeds of Variation vs disclaimer. | Duties of an executor. | Residence nil rate band. |
| Trustee in bankruptcy. | Income Tax and parental gifts. | Periodic charge/exit charge calculations. | Wills. |
| Ending a trust and distributing funds. | Capital Gains Tax calculation. | Pension nominations/IHT implications of pensions into trust. | Individual Voluntary Arrangements. |
| Relevant life policies. | Income tax on investment bonds in trust. | Income Tax of a discretionary trust. | IHT liability on a discretionary trust if settlor pays/trustees pay. |
| Trust Registration Service. | Factors to consider when setting up a DGT. | Back to backs. | Payments on account. Trust Registration Service. |
| Factors to consider when transferring to a discretionary trust. | The transferable NRB. | Disputes between beneficiaries and trustees /action that can be taken. | Documents needed for a death claim. |
| Trust review. | Events that may prompt a trust review. | Loan trust schemes. Trust review. |
As you can see, there are common themes running through each paper; namely tax calculations, powers of attorney, and some trust law – with some questions being repeated over these sessions. It does show how important it is to use past exam guides as well as revise the whole syllabus. The J02 manual may be dry in places, but it is one of the more manageably sized texts.
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