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Friday Five – 22 May – 5 Questions in 5 Minutes

Friday Five – 22 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 2019/20, examinable by the CII until 31 August 2020.  They do not relate to tax year 2020/21 which is only examinable by the CII from 1 September 2020.

  1. Which of the following statements regarding FCA application fees is incorrect?
    1. Any firm applying to the FCA for authorisation has to pay an application fee.
    2. The application fee is refundable if the applicant is unsuccessful.
    3. Application fees are payable if a firm, who is currently authorised, seeks to significantly vary the permission it currently holds.
    4. A straightforward application would be charged a £1,500 application fee.
  1. Dave, an additional rate taxpayer, has received a dividend distribution of £144 from his OEIC. Assuming he has utilised his dividend allowance, his tax liability will be:
    1. Nil
    2. £54.86
    3. £60.96
    4. £64.80
  1. Andrew is a self-employed plumber and for the first time is going to complete his tax return online. He wants to know when the deadline is for submitting this to HMRC for the 2019/20 tax year. You tell him that the filing date is the:
    1. 31st October 2020.
    2. 30th December 2020.
    3. 31st January 2021.
    4. 31st January 2022.
  1. Tommy finds that the primary protection, that he registered for, has been lost. The likely reason for this is:
    1. his divorce has caused a pension debit reducing his fund to less than £1.5m.
    2. poor investment performance has taken his funds below £1.5m.
    3. he has resumed active contributions to his plans.
    4. he has crystallised some of his pension plans.
  1. Where a life assurance policy includes a critical illness benefit, which type of trust should be used?
    1. Split benefit trust
    2. Absolute trust
    3. Flexible trust
    4. Discretionary trust

 

Answers

  1. B – See R01 Study Text, Chp 5:2
    Grab our taster mock exam paper for CII R01. Click here to download.
  1. B – See R02 Study Text, Chp 6:1
    Grab our taster mock exam paper for CII R02. Click here to download.
  1. C – See R03 Study Text, Chp 6
    Grab our taster mock exam paper for CII R03. Click here to download.
  1. A – See R04 Study Text, Chp 2.2
    Grab our taster mock exam paper for CII R04 Click here to download.
  1. A – See R05 Study Text, Chp 7
    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?

If you found this quiz useful for your CII exam revision, please do share it with your colleagues.

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