Friday Five – 27 July – 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.
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.
- Which EU led requirements were incorporated into COBS?
- Conduct of Business
- Principle based requirements
- Banking conduct of business
- 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
- A self- employed individual gets higher rate tax relief on any personal pension contribution by:
- reducing their first payment on account by the amount of tax relief.
- reducing their second payment on account by the amount of tax relief.
- reducing their balancing payment by the amount of the tax relief.
- paying the pension contributions net of higher rate tax.
- Frances has made a claim on the maturity of a second-hand life assurance policy and made a chargeable gain. Which of the following taxes will she be liable for?
- Income tax
- Income tax and capital gains tax
- Capital gains tax
- Income tax or capital gains tax depending on the amount of the gain
- Clark will be providing discretionary management services to his new clients Beverly and Jim. Under FCA regulations, for how long must Clark’s firm retain the couple’s client agreement?
- For 3 years
- For 5 years
- For the duration of the relationship
- B – See R01 Study Text, Chp 5:2
Grab our taster mock exam paper for CII R01. Click here to download.
- AD – See R03 Study Text, Chp 5
Grab our taster mock exam paper for CII R03. Click here to download.
- C – See R04 Study Text, Chp 2:1
Grab our taster mock exam paper for CII R04. Click here to download.
- C – See R05 Study Text, Chp 5
Grab our taster mock exam paper for CII R05. Click here to download.
- C – See J10 Study Text, Chp 4
Grab our taster mock exam paper for CII J10. 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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