Friday Five – 27 January – 5 Questions in 5 Minutes
Last updated on September 25th, 2019 at 4:33 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 of the following can give an insight into a firm’s attention to ethical issues?
- The number of new starters
- Data on policy lapses
- The number of days’ holiday it allows
- Data on business figures
- Sarah and Ian invested £1,000 for their daughter Eleanor (12), into an NS&I Children’s Bond. What is their tax liability?
- Any interest over £100 is taxed on Sarah and Ian
- Sarah and Ian are taxed on any interest jointly at their marginal rates
- They have no tax liability; interest is tax-free
- Interest is tax-free so long as Eleanor remains a non-taxpayer
- Which of the following actions would HMRC most likely take into account when assessing if someone has acquired a new domicile status? Tick all that apply
- Sally sells her Kensington flat to buy a new home for her and her family in Madrid
- Evan is travelling around America for 12 months and will then return to the UK
- Ross let out his property as he is spending an increasing amount of time in Sweden with his new girlfriend
- Poppy’s Australian business is flourishing so she has sold her UK home and bought an apartment in Sydney and told everyone she is emigrating
- In relation to death benefits when the member has crystallised funds under flexi-access drawdown pension, which of the following is true? Tick all that apply
- Someone who isn’t a dependant can continue in FAD.
- The fund can be returned tax-free where the member dies after age 75.
- If there are no dependants the beneficiary can leave the fund on their death to charity.
- The beneficiary can leave the FAD fund on their death to a successor.
- Why is it important to clarify the legal capacity of an individual with regard to long term care advice before making a recommendation for a financial product?
- To ascertain if a relative / friend should accompany the client at a meeting
- Because a client without legal capacity will require more time to consider the advice
- Because potentially certain types of product cannot be recommended
- To confirm that the individual has legal capacity to enter into a contract
- B – See R01 Study Text, Chp 10
Grab our taster mock exam paper for CII R01. Click here to download.
- C – See R02 Study Text, Chp 1:1
Grab our taster mock exam paper for CII R02. Click here to download.
- AD – See R03 Study Text, Chp 5
Grab our taster mock exam paper for CII R03. Click here to download.
- ACD – See R04 Study Text, Chp 6.2
Grab our taster mock exam paper for CII R04. Click here to download.
- B – See CF8 Study Text, Chp 9
Grab our taster mock exam paper for CII CF8. 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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