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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.

Filter updates:

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

28 February 2019 Page 37 – In the answer to Question 5, the second table and the sentence underneath it have now been deleted.

New version : AF1CalcWkbk010918v3

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

31 January 2019 Due to a change in the CII Study Text, on Page 45, following the paragraph starting with “For first time buyers…” the following paragraph has been added: “This relief now includes qualifying shared ownership property purchases. The first £300,000 of the initial share bought is not liable to SDLT, the remainder is charged at 5% of the excess. There is no relief on further shares bought, nor where the purchase price is over £500,000. There is no liability to SDLT on the lease.”

New version : AF1StudyNotes010918v3

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

31 January 2019  Masterclass 5 – Residence, Stamp Duty, VAT and Corporation Tax: With effect from 22 November 2017, a new relief from SDLT became available for first-time buyers. This relief is also now available on a qualifying shared ownership arrangement. The MP3 file will be updated in due course to reflect this.

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

AF4 Study Notes

31 January 2019 Due to a change in the CII Study Text, on Page 28, at the end of the paragraph that starts “Since 22 November 2017…” the following has been added: “This relief has also been extended to include qualifying shared ownership property purchases, and this is whether or not the purchaser elects to pay SDLT on the market value of the property. This was effective from 29 October 2018 but was backdated to 22 November 2017. Relief is not available on any further shares purchased.”

New version : AF4StudyNotes010918v2

AF4 Audio Masterclasses

31 January 2019 Masterclass 1 – Asset Classes: Since 22 November 2017 a relief for first time buyers in England raised the threshold for Stamp duty land tax to £300,000.  Note that this relief has also been extended to include qualifying shared ownership property purchases, and this is whether or not the purchaser elects to pay SDLT on the market value of the property. This was effective from 29 October 2018 but was backdated to 22 November 2017.  Relief is not available on any further shares purchased.

The MP3 file will be updated in due course to reflect this.
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

21 December 2018 Important Note added to Page 3: The transfer value analysis process changed in October 2018 to APTA as the FCA wanted to move away from over-using critical yields. However, the policy statement from the FCA regarding the APTA states: “Advisers will be best placed to assess the needs and circumstances of their individual clients. So we do not intend to provide detailed rules and guidance on the relevant elements to include for each individual. We consider that it is for firms to decide whether a critical yield approach remains valid in some circumstances. Firms should be aware of the risks of using critical yield over uncertain future lifetimes where income would not be secure, or where consumers may not understand it.”

Importantly, the 18/19 CII AF7 study text refers to both APTA and TVAS in Chapter 2. The October 2018 AF7 paper had one theoretical question on a transfer value but asked no questions on the TVA process itself. As a result, many AF7 candidates in October 2018 were unhappy with the paper. We do not know if the CII will be making changes to future AF7 papers as a result. We have recently amended our mock papers in line with how the CII appear to be examining this area at present. We do keep an eye on all updates to the AF7 exam syllabus, study text and to the exam papers themselves, and we will continue to ensure our resources remain in line with these.

New version : AF7Set1010918v3

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 Mock Paper Set 2

21 December 2018 Questions 9, 10 and 11 amended; Important Note added to Page 3: The transfer value analysis process changed in October 2018 to APTA as the FCA wanted to move away from over-using critical yields. However, the policy statement from the FCA regarding the APTA states: “Advisers will be best placed to assess the needs and circumstances of their individual clients. So we do not intend to provide detailed rules and guidance on the relevant elements to include for each individual. We consider that it is for firms to decide whether a critical yield approach remains valid in some circumstances. Firms should be aware of the risks of using critical yield over uncertain future lifetimes where income would not be secure, or where consumers may not understand it.”

Importantly, the 18/19 CII AF7 study text refers to both APTA and TVAS in Chapter 2. The October 2018 AF7 paper had one theoretical question on a transfer value but asked no questions on the TVA process itself. As a result, many AF7 candidates in October 2018 were unhappy with the paper. We do not know if the CII will be making changes to future AF7 papers as a result. We have recently amended our mock papers in line with how the CII appear to be examining this area at present. We do keep an eye on all updates to the AF7 exam syllabus, study text and to the exam papers themselves, and we will continue to ensure our resources remain in line with these.

New version : AF7Set2010918v2

AF7 Mock Paper Set 3

21 December 2018 Questions 9, 10, 11 and 12 amended; Important Note added to Page 3: The transfer value analysis process changed in October 2018 to APTA as the FCA wanted to move away from over-using critical yields. However, the policy statement from the FCA regarding the APTA states: “Advisers will be best placed to assess the needs and circumstances of their individual clients. So we do not intend to provide detailed rules and guidance on the relevant elements to include for each individual. We consider that it is for firms to decide whether a critical yield approach remains valid in some circumstances. Firms should be aware of the risks of using critical yield over uncertain future lifetimes where income would not be secure, or where consumers may not understand it.”

Importantly, the 18/19 CII AF7 study text refers to both APTA and TVAS in Chapter 2. The October 2018 AF7 paper had one theoretical question on a transfer value but asked no questions on the TVA process itself. As a result, many AF7 candidates in October 2018 were unhappy with the paper. We do not know if the CII will be making changes to future AF7 papers as a result. We have recently amended our mock papers in line with how the CII appear to be examining this area at present. We do keep an eye on all updates to the AF7 exam syllabus, study text and to the exam papers themselves, and we will continue to ensure our resources remain in line with these.

New version : AF7Set3010918v2

AF7 Mock Paper Taster

21 December 2018 Important Note added to Page 4: The transfer value analysis process changed in October 2018 to APTA as the FCA wanted to move away from over-using critical yields. However, the policy statement from the FCA regarding the APTA states: “Advisers will be best placed to assess the needs and circumstances of their individual clients. So we do not intend to provide detailed rules and guidance on the relevant elements to include for each individual. We consider that it is for firms to decide whether a critical yield approach remains valid in some circumstances. Firms should be aware of the risks of using critical yield over uncertain future lifetimes where income would not be secure, or where consumers may not understand it.”

Importantly, the 18/19 CII AF7 study text refers to both APTA and TVAS in Chapter 2. The October 2018 AF7 paper had one theoretical question on a transfer value but asked no questions on the TVA process itself. As a result, many AF7 candidates in October 2018 were unhappy with the paper. We do not know if the CII will be making changes to future AF7 papers as a result. We have recently amended our mock papers in line with how the CII appear to be examining this area at present. We do keep an eye on all updates to the AF7 exam syllabus, study text and to the exam papers themselves, and we will continue to ensure our resources remain in line with these.

New version : AF7MockTaster

AF7 Study Notes

26 March 2019 Due to a change in the CII Study Text, the sections “Pensions Wise”, “The Pensions Advisory Service (TPAS)” and “Money Advice Service (MAS)”, on page 7, have been replaced with:

  • The Single Financial Guidance Body (SFGB)
    • SFBG has replaced Pension Wise, The Pensions Advisory Service (TPAS) and the Money Advice Service – all set up to provide impartial guidance and information to the general public on pensions
    • The name is expected to change
    • The SFGB website is singlefinancialbody.org.uk; you should monitor this for developments

New version : AF7StudyNotes010918v4

30 January 2019 Due to a change in the CII Study Text, Page 11 – ‘Analyse and evaluate’ – From 1 October 2018, a mandatory transfer value comparator (TVC) should be included within an APTA (appropriate pension transfer analysis) (further details will be found in the ‘defined benefit’ section); Page 28 – Removed information on TVA; Page 44 – SSAS vs SIPP table updated – SSAS governed by a trust deed and rules. SIPP usually set up as an indivdual contract between the member and provider; Page 94 – Three bullet points added to ‘Buy to let’ section: – First time buyers in England and Wales benefit from an exemption of £300,000 on property purchases up to £500,000 – This has been extended to include qualifying shared ownership property purchases, whether or not the purchaser elects to pay SDLT on the market value of the property. – Relief is not available on any further shares purchased.

New version : AF7StudyNotes010918v3

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

AF7 Study Notes Taster

26 March 2019 Due to a change in the CII Study Text, the sections “Pensions Wise”, “The Pensions Advisory Service (TPAS)” and “Money Advice Service (MAS)”, on page 7, have been replaced with:

  • The Single Financial Guidance Body (SFGB)
    • SFBG has replaced Pension Wise, The Pensions Advisory Service (TPAS) and the Money Advice Service – all set up to provide impartial guidance and information to the general public on pensions
    • The name is expected to change
    • The SFGB website is singlefinancialbody.org.uk; you should monitor this for developments

Filename : AF7StudyNotesTaster

AF7 Audio Masterclasses

2 April 2019 Masterclass 1 – Pension Transfer Regulation and the Advice Process: The following has been added: Pension Wise, The Pensions Advisory Service and the Money Advice Service were all set up as organisations offering guidance to the general public. These have now been merged to form a single organisation to offer guidance on pensions, money and debt advice. This body is now in existence and is currently known as the Single Financial Guidance Body (SFGB) although this name is expected to change. The SFGB website is singlefinancialguidancebody.org.uk and you should monitor this for developments.

The MP3 file will be updated in due course to reflect this.
CF1 Study Notes

2 April 2019 The following has been added on page 63 as the last bullet point in the ‘Generic financial information and money guidance’ section: “Money Advice Service, Pension Wise and The Pensions Advisory Service now merged into Single Financial Guidance Body (name expected to change).” The paragraph that follows it: “A new Pensions Guidance Body will be operational from Autumn 2018 – this will combine the services currently provided by TPAS, Pension Wise and the pensions services offered by the Money Advice Service.” has been deleted.

New version : CF1StudyNotes010918v3

30 January 2019 Due to a change in the CII Study Text, the following text has been added to Page 54, under the heading ‘First-time buyers’: This relief now includes qualifying shared ownership property purchases. The first £300,000 of the initial share bought is not liable to SDLT, the remainder is charged at 5% of the excess. There is no relief on further shares bought, nor where the purchase price is over £500,000. There is no liability to SDLT on the lease.

New version : CF1StudyNotes010918v2

ER1 Mock Paper Set 2

20 December 2018 The answer to Question 67 has been corrected to C in the answer grid.

New version : ER1Set2010918v2

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 Mock Paper Set 2

27 March 2019 Due to a change in the CII Study Text, Question 11 (b) on page 6 has been amended to “Outline four of the core functions of the Single Financial Guidance Body (SFGB).” and the corresponding answer on page 13 to:
“Four from:

  • Provision of debt advice
  • Information and guidance on workplace and personal pensions
  • Information to help consumers avoid fraud and scams
  • Information on wider money matters/improve financial capability
  • Coordination of non-governmental financial education programmes for children and young people

Chapter 6, Section A1B & B1

New version : J05Set2010918v2

J05 Study Notes

26 March 2019 Due to an update to the CII Study Text, the section on page 60: “The Pension Advisory Service” has been amended to the following:

Single Financial Guidance Body (SFGB)

  • The Pensions Advisory Service, Pension Wise and the Money Advice Service were set up to provide information and guidance to the public
  • A new pensions guidance body has now replaced these known as the Single Financial Guidance Body (SFGB) although this name is expected to change. The SFGB website is singlefinancialguidancebody.org.uk; you should monitor this for developments.

New version : J05StudyNotes010918v4

30 January 2019 Due to a change in the CII Study Text, Page 82: Three bullet points added to ‘Buy to let’ section: – First time buyers in England and Wales benefit from an exemption of £300,000 on property purchases up to £500,000 – This has been extended to include qualifying shared ownership property purchases, whether or not the purchaser elects to pay SDLT on the market value of the property. – Relief is not available on any further shares purchased.

New version : J05StudyNotes010918v3

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

J10 Study Notes

31 January 2019 Due to a change in the CII Study Text, on Page 27, at the end of the paragraph that starts “Since 22 November 2017…” the following has been added: “This relief has also been extended to include qualifying shared ownership property purchases, and this is whether or not the purchaser elects to pay SDLT on the market value of the property. This was effective from 29 October 2018 but was backdated to 22 November 2017. Relief is not available on any further shares purchased.”

New version : J10StudyNotes010918v2

R01 Mock Paper Set 1

14 March 2019 Improvements have been made to this resource to now include detailed explanations of the correct answers. Please contact Enquiries to request your updated copy.

New version : R01Set1010918v3

25 February 2019 Question 4, option d) has been amended to ‘The Association of Payment Clearing Services’. Question 6, option b) has been amended to ‘The individual consumer’s ability to make investments’. Question 15, option a) has been amended to ‘ Corporate bonds are guaranteed as they are government backed, but gilts offer no such guarantee’. Question 23, options c) and d) have had the following added on to the end ‘after the mortgage would have been paid off.’ Question 36, stem now reads ‘Which of the following is outside the scope of the Financial Services and Markets Act 2000 (FSMA)?’ Question 43, option d) now reads ‘Anyone working in a controlled function’. Question 53 option iv) now reads ‘Payment protection insurance’. Question 72 now reads ‘Which of these offers the best definition of financial advice?’.

New version : R01Set1010918v2

R01 Mock Paper Set 2

14 March 2019 Improvements have been made to this resource to now include detailed explanations of the correct answers. Please contact Enquiries to request your updated copy.

New version : R01Set2010918v3

25 February 2019 Question 7 now reads ‘Which of the following is a definition of a debt management plan?’. Question 41, option D now reads ‘The head office and registered office must be in the UK if the corporate body is constituted under the law of any part of the UK’. The reference for Question 81 has been updated to 10 A5. Question 83, option B now reads ‘Good business ethics usually translates into wealthier customers being attracted to the firm’.

New version : R01Set2010918v2

R01 Mock Paper Set 3

14 March 2019 Improvements have been made to this resource to now include detailed explanations of the correct answers. Please contact Enquiries to request your updated copy.

New version : R01Set3010918v3

25 February 2019 Question 11, reference updated to 2 E3A. Question 21, option D now reads ‘The proposer owes money to the life assured’. Question 52, option C now reads ‘A term policy issued to an occupational pension scheme trustee’. Question 74, option B, now reads ‘No requirement to inform the FCA’.

New version : R01Set3010918v2

R01 Mock Paper Taster

14 March 2019 Improvements have been made to this resource to now include detailed explanations of the correct answers. You can download the taster again to receive the updated version.

Filename : R01MockTaster

25 February 2019 The reference for question 8 has been amended to D2A. Question 11 has been replaced.

Filename : R01MockTaster

R01 Study Notes

2 April 2019 Due to a change in the CII Study Text, the following has been added on page 107 as the last bullet point in the ‘Generic Financial Advice’ section: “Money Advice Service, Pension Wise and The Pensions Advisory Service now merged into Single Financial Guidance Body (name expected to change).”

New version : R01StudyNotes010918v2

R01 E-Learning

2 April 2019 Module 6 – Applying the Regulatory Framework: You should be aware that the Money Advice Service, Pension Wise and The Pensions Advisory Service have recently merged to form the Single Financial Guidance Body. This name is expected to change into something more consumer friendly shortly.

The video will be updated in due course to reflect this.

R01 E-Learning Workbook

15 January 2019 The missing answers to Questions 11 – 14 of Module 2, Part 2 have been added.

New version : R01E-LearningWorkbook

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

New version : R01E-LearningWorkbook

R01 Audio Masterclasses

2 April 2019 Masterclass 5 – The Regulatory Framework: The MAS, Pension Wise and The Pensions Advisory Service have now merged to form the Single Financial Guidance Body (the SFGB), although this name is expected to change.

The MP3 file will be updated in due course to reflect this.
R02 Calculation Workbook

17 April 2019 Two new sections have been inserted after Section 18. They are entitled ‘Taxation of Dividends’ and ‘Taxation of Investment Bonds’. Please contact Enquiries to request your updated copy.

New version : R02CalcWkbk010918v2

R02 Calculation Workbook Taster

17 April 2019 Two new sections have been inserted after Section 18. They are entitled ‘Taxation of Dividends’ and ‘Taxation of Investment Bonds’. You can download the taster again to receive the updated version.

Filename : R02CalcTaster

R02 Study Notes

31 January 2019 Due to a change in the CII Study Text, on Page 19, at the end of the paragraph that starts “Since 22 November 2017…” the following has been added: “This relief has also been extended to include qualifying shared ownership property purchases, and this is whether or not the purchaser elects to pay SDLT on the market value of the property. This was effective from 29 October 2018 but was backdated to 22 November 2017. Relief is not available on any further shares purchased.”

New version : R02StudyNotes010918v2

R02 Audio Masterclasses

31 January 2019 Masterclass 1 – Asset Classes: Since 22 November 2017 a relief for first time buyers in England raised the threshold for Stamp duty land tax to £300,000.  Note that this relief has also been extended to include qualifying shared ownership property purchases, and this is whether or not the purchaser elects to pay SDLT on the market value of the property. This was effective from 29 October 2018 but was backdated to 22 November 2017.  Relief is not available on any further shares purchased.

The MP3 file will be updated in due course to reflect this.
R03 Mock Paper Set 1

7 February 2019 Improvements have been made to this resource to now include detailed explanations of the correct answers. Please contact Enquiries to request your updated copy.

New version : R03Set1010918v2

R03 Mock Paper Set 2

7 February 2019 Improvements have been made to this resource to now include detailed explanations of the correct answers. Please contact Enquiries to request your updated copy.

New version : R03Set2010918v3

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

7 February 2019 Improvements have been made to this resource to now include detailed explanations of the correct answers. Please contact Enquiries to request your updated copy.

New version : R03Set3010918v3

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 Mock Paper Taster

7 February 2019 Improvements have been made to this resource to now include detailed explanations of the correct answers. You can download the taster again to receive the updated version.

Filename : R03MockTaster

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

31 January 2019 Due to a change in the CII Study Text, on Page 47, following the paragraph starting with “For first time buyers…” the following paragraph has been added: “This relief now includes qualifying shared ownership property purchases. The first £300,000 of the initial share bought is not liable to SDLT, the remainder is charged at 5% of the excess. There is no relief on further shares bought, nor where the purchase price is over £500,000. There is no liability to SDLT on the lease.”

New version : R03StudyNotes010918v3

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

31 January 2019  Masterclass 6 – Residence, Stamp Duty, VAT and Corporation Tax: With effect from 22 November 2017, a new relief from SDLT became available for first-time buyers. This relief is also now available on a qualifying shared ownership arrangement. The MP3 file will be updated in due course to reflect this.

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

26 March 2019 Due to a change in the CII Study Text, the section on page 44: “The Pension Advisory Service” has been amended to the following:

Single Financial Guidance Body (SFGB)

  • The Pensions Advisory Service, Pension Wise and the Money Advice Service were set up to provide information and guidance to the public
  • A new pensions guidance body has now replaced these known as the Single Financial Guidance Body (SFGB) although this name is expected to change. The SFGB website is singlefinancialguidancebody.org.uk; you should monitor this for developments.

New version : R04StudyNotes010918v4

30 January 2019 Due to a change in the CII Study Text, Page 65 – Removed information on TVA; Page 71 – SSAS vs SIPP table updated – SSAS governed by a trust deed and rules. SIPP usually set up as an individual contract between the member and provider; Page 114 – Three bullet points added to ‘Buy to let’ section: – First time buyers in England and Wales benefit from an exemption of £300,000 on property purchases up to £500,000 – This has been extended to include qualifying shared ownership property purchases, whether or not the purchaser elects to pay SDLT on the market value of the property. – Relief is not available on any further shares purchased.

New version : R04StudyNotes010918v3

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

R05 Mock Paper Set 1

1 April 2019 Question 35 now reads ‘Which of the following is disregarded for long term care purposes according to the Care Act 2014?’. Question 41, option B now reads ‘Claire’s policy will have lower limits on the costs of treatments covered in any one year’.  Also, improvements have been made to this resource to now include detailed explanations of the correct answers. Please contact Enquiries to request your updated copy.

New version : R05Set1010918v2

R05 Mock Paper Set 2

1 April 2019 Question 32 has been rewritten. Question 38, option D now reads ‘there may be fairly low limits on the cost of treatment covered in one year’. Also, improvements have been made to this resource to now include detailed explanations of the correct answers. Please contact Enquiries to request your updated copy.

New version : R05Set2010918v2

R05 Mock Paper Set 3

1 April 2019 Question 18 now reads ‘Donald, a UK resident, placed a life assurance policy in trust in July 2008 for his grandchildren and appointed his two sons, also UK residents, as the trustees. A chargeable event occurred on the policy in July 2018 giving rise to a chargeable gain. Donald is alive and well. On whose income, would the gain be chargeable?’ Also, improvements have been made to this resource to now include detailed explanations of the correct answers. Please contact Enquiries to request your updated copy.

New version : R05Set3010918v2

R05 Mock Paper Taster

1 April 2019 Improvements have been made to this resource to now include detailed explanations of the correct answers. You can download the taster again to receive the updated version.

Filename : R05MockTaster

R06 Calculation Workbook

28 February 2019 Page 50 – In the answer to Question 5, the second table and the sentence underneath it have now been deleted.

New version : R06CalcWkbk010918v3

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

2 April 2019 Page 7 Achievable changed to action-related. Page 43 Help to Buy ISA £25 changed to £50. Page 45 table amended to show relative advantages and disadvantages of saving through a pension or stocks and shares ISA – please contact Enquiries for an updated version of your purchased copy.

New version : R06StudyNotes010918v4

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

R06 Study Notes Taster

2 April 2019 Page 7 Achievable changed to action-related.

Filename : R06StudyNotesTaster

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