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Learning resource updates

This page details updates made to our learning resources. You should visit this page periodically to ensure you do not miss any updates. Updates can result from a change in exam syllabus, an amendment to the relevant CII study text directly affecting our resources, typographical errors or more complex issues.

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All Financial Services Exams

All resources  for AF, CF, ER, FA, J0, LP and R0 have been updated in accordance with the new syllabus examinable from 1 September 2018.  If you purchased the 2017/18 versions, contact us to receive the updated versions free of charge. Note that e-learning modules have been updated on our website, and the material found there now reflects the new examinable tax year.

AF1 Calculation Workbook

2 October 2018 Page 16 – Question 3 now reads ‘Mrs Tait invested £22,000 into a single premium onshore life assurance bond on 16th October 2004. On the 12th April 2010, she withdrew £4,000. On the 22nd May 2014 she withdrew £2,000. She fully surrendered the bond on 8th March 2019 and received £25,500. In tax year 2018/2019, her gross income is £49,000 and her personal allowance is £11,850. Assume she has already used her personal savings allowance on interest income. Calculate, showing all your workings, her income tax liability on the gain from the bond.’

New version : AF1CalcWkbk010918v2

AF1 Study Notes

8 October 2018 Page 31 – the formula for part disposals has been corrected: A divided by A+B then multiply by original cost. A = proceeds of part disposal
B = market value of part retained

New version : AF1StudyNotes010918v2

AF1 Audio Masterclasses

2 October 2018 The inheritance tax and taxation of trusts masterclasses have now been split out and expanded.

AF5 Study Notes

29 October 2018 Due to a change in the CII Study Text, Page 6 – Note added re class 2 NICs – as of 6/9/2018 the Government has abandoned its plans to abolish Class 2 NICs

New version : AF5StudyNotes010918v2

AF5 Study Notes Taster

29 October 2018 Due to a change in the CII Study Text, Page 6 – Note added re class 2 NICs – as of 6/9/2018 the Government has abandoned its plans to abolish Class 2 NICs

New version : AF5StudyNotesTaster

AF7 Mock Paper Set 1

8 October 2018 Question 9 has been amended to ‘Describe the transfer value comparator (TVC) calculation’. The answer has been amended to: ‘If relevant, a projection is calculated of the ceding scheme benefits to NRA; The estimated cost of purchasing those benefits using an annuity is calculated; For those more than 12 months from scheme retirement date, determine the present value needed today to fund the annuity; Instead of the required rate of growth firms must determine an appropriate discount rate to value the amount needed to reproduce the safeguarded benefits after appropriate charges; Discount rate is based on ATR’

New version : AF7Set1010918v2

AF7 Study Notes

29 October 2018 Due to a change in the CII Study Text, Page 97 – Note added re class 2 NICs – as of 6/9/2018 the Government has abandoned its plans to abolish Class 2 NICs

New version : AF7StudyNotes010918v2

IF1, IF2, IF3, IF4 and IF5 Exam Resources

Mock papers for IF1, IF2, IF3, IF4 and IF5 have been updated in accordance with the new syllabus examinable from 1 January 2018.  If you purchased the 2016/17 versions, contact us to receive the updated versions free of charge.

IF1 Mock Paper Set 1

29 May 2018 Due to a change in the CII Study Text, the stem of Question 94 has been amended. It now reads “The General Data Protection Regulation and the Data Protection Act 2018 are concerned with the processing of information about:” Question 95 has been replaced. It now reads “In relation to the General Data Protection Regulation (GDPR), whose role is it to say how and why personal data is processed? A. The data processor; B. The data subject; C. The data controller; D. The Information Commissioner.” The answer is C, with a reference of Chapter 10, Section A. Question 96 has been replaced. It now reads “The General Data Protection Regulation (GDPR) states that personal data must be processed in a way that is: A. lawful; B. efficient; C. expedient; D. vital.” The answer is A, with a reference of Chapter 10, Section A. Question 97 has been replaced. It now reads “Under the Data Protection Act 2018, the maximum fine on data controllers and processors for the most serious breaches is £17m or: A. 1% of global turnover; B. 2% of global turnover; C. 3% of global turnover; D. 4% of global turnover.” The answer is D with a reference of Chapter 10, Section A.

New version : IF1Set1010118v2

IF1 Mock Paper Set 2

29 May 2018 Due to a change in the CII Study Text, Question 92 has been replaced. It now reads “Under the General Data Protection Regulation ‘sensitive personal data’ is now referred to as? A. protected personal data; B. special categories of personal data; C. restricted categories of personal data; D. ring-fenced personal data.” The answer is B, with a reference of Chapter 10, Section A. Question 93 has been replaced. It now reads “Under the General Data Protection Regulation, which of the following is an acceptable means of a data subject’s consent to the processing of personal data? A. A positive opt-in; B. A pre-ticked box; C. Silence; D. Inactivity.” The answer is A, with a reference of Chapter 10, Section A. The stem of Question 94 has been amended to: “94. To whom can an individual apply if they believe their details have been used in contravention of the Data Protection Act 2018?” The answer is C, with a reference of Chapter 10, Section A.

New version : IF1Set2010118v2

IF1 Mock Paper Set 3

29 May 2018 Due to a change in the CII Study Text, Question 88 has been amended. It now reads “The General Data Protection Regulation primarily concerns: A. Computer data only that relates to private individuals; B. Paper records only that relate to private individuals and firms; C. Automated and manual systems where personal data is accessible according to specific criteria; D. The regulation of data transfer in the UK alone.” The answer is C, with a reference of Chapter 10, Section A. Question 89 has been replaced. It now reads “The General Data Protection Regulation applies to? A. Communicators and controllers; B. Analysts and processors; C. Analysts and controllers; D. Controllers and processors.” The answer is D, with a reference of Chapter 10, Section A.
Question 90 has been replaced. It now reads “The General Data Protection Regulation introduces a duty of breach notification on? A. All organisations B. Organisations with more than 20 employees; C. Organisations with a turnover in excess of £500,000; D. Organisations with more than 100 data subjects.” The answer is A, with a reference of Chapter 10, Section A. The reference on the answer table for Question 91 is now Chapter 10, Section A.

New version : IF1Set3010118v4

2 May 2018 Question 47 has been replaced. It now reads “Johan came home from work early due to a Tube strike. While making his tea, his chip pan catches fire. The fire brigade are called and put out the fire. Once the fire is out, Johan’s flatmate complains that there is both smoke and water damage to his bedroom. What is the proximate cause of the damage to Johan’s flatmate’s bedroom? A. The Tube strike; B. The chip pan fire; C. The smoke from the fire; D. The water from the fire brigade

New version : IF1Set3010118v3

6 April 2018 The correct answer to Question 47 is B.

New version : IF1Set3010118v2

IF1 Mock Paper Taster

29 May 2018 Due to a change in the CII Study Text, Question 19 has been amended. It now reads “What is the scope of the General Data Protection Regulation (GDPR)? A. To regulate the use of personal data relating to private individuals; B. To regulate the use of personal data relating to private individuals and businesses; C. To regulate all data held and processed within the EU; D. To regulate data held by private companies in the UK”

New version : IF1MockTaster

IF2 Mock Paper Set 2

28 May 2018 Due to a change in the CII Study Text, Question 88 has been replaced. It now reads “The General Data Protection Regulation (GDPR) states that personal data must be processed in a way that is: A. lawful; B. efficient; C. expedient; D. vital.” The answer is A, with a reference of Chapter 12, Section B/D. Question 89 has been replaced. It now reads “The General Data Protection Regulation introduces a duty of breach notification on? A. All organisations; B. Organisations with more than 20 employees; C. Organisations with a turnover in excess of £500,000; D. Organisations with more than 100 data subjects.” The answer is A, with a reference of Chapter 12, Section B/D.

New version : IF2Set2010118v2

IF2 Mock Paper Set 3

28 May 2018 Due to a change in the CII Study Text, Question 88 has been replaced. It now reads “Under the General Data Protection Regulation ‘sensitive personal data’ is now referred to as? A. protected personal data; B. special categories of personal data; C. restricted categories of personal data; D. ring-fenced personal data.” The answer is B, with a reference of Chapter 12, Section B/D. Question 89 has been replaced. It now reads “Under the Data Protection Act 2018, the age from which parental consent is not needed to process data online is? A. 11; B. 13; C. 16; D. 18.” The answer is B, with a reference of Chapter 12, Section B/D.

New version : IF2Set3010118v2

IF3 Mock Paper Set 2

29 May 2018 Due to a change in the CII Study Text, Question 56 has been replaced. It now reads “The General Data Protection Regulation introduces a duty of breach notification on? A. All organisations; B. Organisations with more than 20 employees; C. Organisations with a turnover in excess of £500,000; D. Organisations with more than 100 data subjects.” The answer is A, with a reference of Chapter 8, Section E.

New version : IF3Set2010118v2

IF3 Mock Paper Set 3

29 May 2018 Due to a change in the CII Study Text, Question 56 has been replaced. It now reads “Under the General Data Protection Regulation ‘sensitive personal data’ is now referred to as? A. protected personal data; B. special categories of personal data; C. restricted categories of personal data; D. ring-fenced personal data.” The answer is B, with a reference of Chapter 8, Section E.

New version : IF3Set3010118v2

IF3 Mock Paper Taster

29 May 2018 Due to a change in the CII Study Text, Question 12 has been replaced. It now reads “The General Data Protection Regulation (GDPR) states that personal data must be processed in a way that is: A. lawful; B. efficient; C. expedient; D. vital.”

New version : IF3MockTaster

J02 Mock Paper Set 2

2 October 2018 Start of question 11 changed to ‘Mr. Findlay placed a £150,000 UK investment bond into a trust for his family in May 2014. He was then declared bankrupt in July 2018.’

New version : J02Set2010918v2

J05 Study Notes

29 October 2018 Due to a change in the CII Study Text, Page 67 – Note added re class 2 NICs – as of 6/9/2018 the Government has abandoned its plans to abolish Class 2 NICs

New version : J05StudyNotes010918v2

R01 E-Learning Workbook

19 September 2018 Pages 8 and 9. Definitions of level term assurance, mortality and morbidity added.

New version : R01E-LearningWorkbook

R03 Mock Paper Set 2

12 December 2018 Q37 now reads ‘In which of the following scenarios would a child’s income be treated as if it belonged to their parent or grandparent for tax purposes?’

New version : R03Set2010918v2

R03 Mock Paper Set 3

12 December 2018 Q12 – final sentence now reads ‘What is his gain for capital gains tax purposes?’ Q14 – final sentence now reads ‘Assume Amelia has made no previous gifts.’ Q16 Options A and D now end ‘…without any immediate tax liability’. Q17 option A now starts ‘Pauline’s legal personal representatives…’. Q20 options A and D updated, reference changed to 2 A2B. Q25 revised. Q31 – the end of option a now reads ‘…from spare income’. Q33 stem now reads ‘Elaine invested £10,000 into a flexible cash ISA on the 1st July 2018.’

New version : R03Set3010918v2

R03 Calculation Workbook

2 October 2018 Page 16 – Question 3 now reads ‘Mrs Tait invested £22,000 into a single premium onshore life assurance bond on 16th October 2004. On the 12th April 2010, she withdrew £4,000. On the 22nd May 2014 she withdrew £2,000. She fully surrendered the bond on 8th March 2019 and received £25,500. In tax year 2018/2019, her gross income is £49,000 and her personal allowance is £11,850. Assume she has already used her personal savings allowance on interest income. Calculate, showing all your workings, her income tax liability on the gain from the bond.’

New version : R03CalcWkbk010918v2

R03 Study Notes

8 October 2018 Page 22 – the formula for part disposals has been corrected: A divided by A+B then multiply by original cost. A = proceeds of part disposal
B = market value of part retained

New version : R03StudyNotes010918v2

R03 Audio Masterclasses

2 October 2018 The inheritance tax and taxation of trusts masterclasses have now been split out and expanded.

R04 Mock Paper Set 3

18 October 2018 Question 9 – Answer D amended to remove rogue figures of 9,000 – answer is £310,750; Answer reference for Question 8 changed to Chapter 2:2

New version : R04Set3010918v2

R04 Study Notes

29 October 2018 Due to a change in the CII Study Text, Page 99 – Note added re class 2 NICs – as of 6/9/2018 the Government has abandoned its plans to abolish Class 2 NICs

New version : R04StudyNotes010918v2

R06 Calculation Workbook

2 October 2018 Page 15 – Question 3 now reads ‘Mrs Tait invested £22,000 into a single premium onshore life assurance bond on 16th October 2004. On the 12th April 2010, she withdrew £4,000. On the 22nd May 2014 she withdrew £2,000. She fully surrendered the bond on 8th March 2019 and received £25,500. In tax year 2018/2019, her gross income is £49,000 and her personal allowance is £11,850. Assume she has already used her personal savings allowance on interest income. Calculate, showing all your workings, her income tax liability on the gain from the bond.’

New version : R06CalcWkbk010918v2

R06 Study Notes

13 December 2018 Due to a change in the CII Study Text, Page 43 amended to include in the section on ‘Additional permitted subscription’, an additional bullet point: The spouse’s/civil partner’s ISA savings become a continuing account until the later of the account being closed or 3 years from the date of death. If higher, the value at the point the ISA ceases to be a continuing account can be invested rather than the value at date of death.

New version : R06StudyNotes010918v3

29 October 2018 Due to a change in the CII Study Text, Page 17 – Note added re class 2 NICs – as of 6/9/2018 the Government has abandoned its plans to abolish Class 2 NICs/also added the fact RNRB can be transferred between spouses/civil partners

New version : R06StudyNotes010918v2

R07 Mock Paper Set 1

27 November 2018 Option A for question 39 now reads ‘5% deposit and a combined mortgage and deposit to cover 85% of the property value’

New version : R07Set1010918v2