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Friday Five – 11 May – 5 Questions in 5 Minutes

Friday Five – 11 May – 5 Questions in 5 Minutes

Welcome to this week’s Friday Five – 5 Questions in 5 Minutes Every Friday

What’s this all about?

It’s a bit of Friday Fun where we provide you with 5 questions relevant to a mix of CII exams. The challenge is for you to answer them in 5 minutes. Answers at the bottom of the page.

Questions

IMPORTANT!  These questions relate to examinable tax year 2017/18, examinable by the CII until 31 August 2018.  They do not relate to tax year 2018/19 which is only examinable by the CII from 1 September 2018.

  1. Within the FCA handbook, under ‘Threshold Conditions’ what is the rule around location of offices?
    1. The registered office must be within the EEA
    2. The head office and registered office must be within the EEA if the body corporate is constituted under the law of any part of the UK
    3. A regulated firm must provide an address that they have held for 5 years
    4. The head office and registered office must be in the UK if the body corporate is constituted under the law of any part of the UK
  1. Disinflation typically occurs when:
    1. prices are declining over time and the rate of inflation becomes negative
    2. the supply of goods rises faster than the supply of money
    3. there is a decrease in the rate of inflation
    4. buying power of money is reduced
  1. Which of the following individuals has a potential Capital Gains Tax liability? Tick all that apply.
    1. Susan lived in her home for 5 years before moving out 18 months prior to its sale
    2. Jim’s house was empty for 3 years while he was travelling although he lived there before he went away and came back to it on his return
    3. Peter and Paul are civil partners and have owned two homes for the past 3 years and now wish to claim exemptions on one property each
    4. Mark has owned his house for 10 years although only lived in it for 5 years
  1. Guaranteed Minimum Pension (GMP) benefits between 1978 and April 1988 were:
    1. fully inflation proofed, paid entirely by the State.
    2. fully inflation proofed, with the State paying any RPI in excess of 3%.
    3. fully inflation proofed, paid entirely by the Scheme.
    4. inflation proofed, with the scheme paying up to a maximum of 2.5%.
  1. Georgia wants to set up a Lasting Power of Attorney for her daughter. If she did not do this and became mentally incapable, who would be responsible for handling her affairs?
    1. Her solicitor
    2. A Deputy appointed by the Court of Protection
    3. Her family
    4. A guardian employed by the Department of Social Security

 

Answers

  1. D – See R01 Study Text, Chp 5:2
    Grab our taster mock exam paper for CII R01. Click here to download.

 

  1. C – See R02 Study Text, Chp 2
    Grab our taster mock exam paper for CII R02. Click here to download.

 

  1. CD – See R03 Study Text, Chp 3
    Grab our taster mock exam paper for CII R03. Click here to download.

 

  1. A – See R04 Study Text, Chp 4
    Grab our taster mock exam paper for CII R04. Click here to download.

 

  1. B – See R05 Study Text, Chp 8
    Grab our taster mock exam paper for CII R05. Click here to download.

 

How did you find this week’s questions? Did you complete them in 5 minutes? Did you get them all correct? Do you disagree with any?

Do let us know by leaving a comment below – we promise to read them all. (Humour particularly appreciated on a Friday!)

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