Friday Five – 30 October – 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 2015/16, examinable until 31 August 2016.
- What is a ‘demand and needs’ statement?
- Documentation used to allow the client to prioritise their requirements
- The IFA’s requirements in terms of charges for product or time
- A statement detailing the client’s needs with the reasons for recommendations
- A list of requirements for new clients with the services the client can expect
- Sam is a higher rate taxpayer requiring a tax efficient strategy for his £150,000 investment portfolio. What would offer the optimum tax efficiency?
- Cash deposit held directly
- Property held within an onshore bond
- Fixed interest held within a pension
- Equities held within an offshore bond
- When considering the use of the transferable nil rate band for Inheritance Tax purposes, individuals should be aware that: Tick all that apply
- it must be claimed on the second death
- it will not be available if the surviving spouse has re-married
- it can only be increased on second death by a maximum of 100%
- it is only available if the first death occurred after 1986
- Caroline held an own life with-profits life assurance policy. On her death, the amount payable on the claim will vary depending on which of the following factors?
- The amount of premiums paid over the term
- Her age
- The sum assured
- The exact date of death
- Arnold, who was born in 1976, has a stakeholder pension plan. Assuming he remains in good health, the MINIMUM age that he will be able to draw his pension benefits will be:
- C – See R01 Study Text, Chp 5:2 Section H2A
Grab our taster mock exam paper for CII R01. Click here to download.
- C – See R02 Study Text, Chp 7 Section A1H
Grab our taster mock exam paper for CII R02. Click here to download.
- AC – See R03 Study Text, Chp 4 Section B4F
Grab our taster mock exam paper for CII R03. Click here to download.
- D – See R05 Study Text, Chp 4 Section G2
Grab our taster mock exam paper for CII R05. Click here to download.
- C – See R08 Study Text, Chp 5 Section A
Grab our taster mock exam paper for CII R08. 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?
Do let us know by leaving a comment below – we promise to read them all. (Humour particularly appreciated on a Friday!)