When will the Autumn Budget 2024 changes be tested?
As you prepare for your CII exams, it is essential to stay informed about recent changes to various laws and regulations that will be tested in your upcoming exams. Below are the key changes from the Autumn Budget you should be aware of, along with the dates from which these changes will be examined.
This article is correct as at 4 December 2024.
Key Updates
1 – Panel on Takeovers and Mergers Levy – R02, AF4, J10, J12
Changes to the Panel on Takeovers and Mergers (PTM) levy were implemented on 2 December 2024. These changes will be reflected in the CII exams from 2 March 2025.
2 – Qualifying Recognised Overseas Pension Schemes (QROPS) – R04, J05, AF7
The changes to QROPS came into effect on 30 October 2024. These adjustments will be tested in exams starting from 30 January 2025.
3 – Stamp Duty Land Tax – R02, R03, R07, CF1, CF6, ER1, LP2, AF1
New changes to Stamp Duty Land Tax on the purchase of second homes, buy-to-let properties, and purchases by companies of residential property, took effect on 31 October 2024. The updated rules will appear in exams from 30 January 2025.
Additionally, changes to residential Stamp Duty Land Tax rates will take effect on 1 April 2025, with exams reflecting these new rates from that date onwards.
4 – Capital Gains Tax – R02, R03, R05, R07, RAR, CF1, ER1, LP2, J10, J12, AF1, AF4
Changes to the Capital Gains Tax rate, specific to the 2024/2025 tax year, took effect on 30 October 2024. These changes will be tested in CII exams from 30 January 2025.
5 – Right to Buy – R07, CF6
The discount on the Right to Buy scheme changed as of 21 November 2024. This update will be reflected in exams from 30 January 2025.
6 – Other changes
Further changes introduced by the Autumn Budget, which are set to take effect from 5 April 2025 and beyond—such as changes to Inheritance Tax (IHT) in pensions, the new residency-based regime, and Business and Agricultural Reliefs—will not be tested until they are brought into law. The general rule is that changes arising from the Finance Act, which apply to a new tax year, will be examined by the CII from 1 September each year.
Qualification Updates
It’s important to keep track of the Qualification Updates for each unit, which are listed on the CII website. The updates are located on the right-hand side of each unit’s page under the “Qualification Updates” section. This is where you will find specific details about which changes are relevant to your exam.
R06/AF5
Any of the topics mentioned above could also be tested in your R06 and AF5 exams (note: the first R06 exam is on the 21st January, so none of the changes will be applicable for this exam but the changes coming in on the 30th January will be tested in the first AF5 exam in February). Keep an eye on the qualification updates as detailed above and ensure you are working from the most up to date tax tables which are available on the CII website here.
Summary
It is important to review the syllabus regularly to stay on top of any regulatory changes. Focus on the date changes come into effect to know when they will be included in your exam. By being proactive and prepared, you will ensure that your CII exam experience is as smooth and successful as possible. Best of luck with your studies and exams!
Note: All dates provided above have been confirmed by the CII.
