Friday Five – 25 November – 5 Questions in 5 Minutes
Last updated on September 25th, 2019 at 4:34 am
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 2016/17, examinable until 31 August 2017.
- Which EU led requirements were incorporated into COBS?
- Conduct of Business
- Principle based requirements
- Banking conduct of business
- Direct investment in commodities is not practical for most investors, how else could commodity investment normally be achieved? Tick all that apply
- Through an Exchange Traded Note (ETN)
- Through investing in funds that invest in commodities
- Through investment in companies that produce commodities
- Through Exchange Traded Commodities (ETCs)
- Jake is considering gifting £600,000 for the benefit of his son. Which of the following would enable him to do this without incurring any tax liability at the time?
- Transferring £600,000 to a bare trust with his son as beneficiary
- Transferring £325,000 to a discretionary trust and £275,000 to an interest in possession trust
- Transferring £600,000 to an interest in possession trust
- Transferring £400,000 to a discretionary trust and £200,000 to a bare trust
- ABC Ltd has made a significant contribution to their occupational scheme in this tax year. The amount is £300,000, which is 300% of the contribution paid in the previous chargeable period. This means that ABC’s contribution and tax relief will be:
- given in this accounting period.
- spread over 1 year.
- spread over 2 years.
- spread over 3 years.
- Enid has taken out a lifetime mortgage to raise money to purchase an annuity to fund care in her own home. If she needs to enter residential care, what is likely to happen as regards her loan and annuity?
- Her property will revert to the provider and the annuity payments will continue
- The annuity will be redirected to the residential care provider and she will regain full ownership of the property
- The annuity payments will stop but she will receive a capital sum from the sale of the property
- Her annuity will continue to be paid and her property sold to repay the lifetime mortgage
- B – See R01 Study Text, Chp 5:2
Grab our taster mock exam paper for CII R01. Click here to download.
- BCD – 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 4
Grab our taster mock exam paper for CII R03. Click here to download.
- A – See R04 Study Text, Chp 2.1
Grab our taster mock exam paper for CII R04. Click here to download.
- D – See ER1 Study Text, Chp 5
Grab our taster mock exam paper for CII ER1 . 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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