Friday Five – 14 February – 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.
These questions relate to examinable tax year 2019/20, examinable until 31 August 2020.
- Who would be regarded as an ‘eligible complainant’’ under FCA rules? Tick all that apply.
- A local authority
- A consumer
- A charity with a £8m annual income
- A guarantor
- Limetree has earnings per share of 18.24p and a dividend per share of 7.52p. What is their dividend cover?
- 2.43 times
- 4.12 times
- Why might a company consider using the flat rate scheme for Value Added Tax (VAT)?
- The simplified structure should reduce their administration burden
- To allow them to reclaim VAT on business related purchases
- For caterers, it allows them to reclaim VAT on standard rate purchases
- To qualify for the reduced VAT rate of 17.5%
- Which of the following actions could be deemed an offence for Trustees of an occupational scheme?
- Recommending employees join the scheme
- Giving advice on a provider’s personal pension
- Promoting an in-house AVC
- Criticising, in generic terms, an individual pension
- James makes a lifetime gift into a trust which isn’t an absolute/bare or disabled trust. How much tax is due immediately? Assume no annual exemptions are available.
- 20% on the amount gifted into trust
- 20% on the amount gifted into trust that exceeds the available nil rate band
- 40% on the amount gifted into trust that exceeds the available nil rate band
- 40% on the amount gifted into trust
- BD – See R01 Study Text, Chp 6
Grab our taster mock exam paper for CII R01. Click here to download.
- A – See R02 Study Text, Chp 1:2
Grab our taster mock exam paper for CII R02. Click here to download.
- A – See R03 Study Text, Chp 8
Grab our taster mock exam paper for CII R03. Click here to download.
- B – See R04 Study Text, Chp 3
Grab our taster mock exam paper for CII R04 Click here to download.
- B – See R05 Study Text, Chp 2
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?
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