Friday Five – 31 January – 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 2019/20, examinable until 31 August 2020.
- A new insurance company must apply to which of the following for authorisation?
- The PRA
- The FCA
- The FPC
- Which of the following are tax advantages of investing in Venture Capital Trusts? Tick all that apply.
- Income tax relief of 30%
- Reinvestment relief for capital gains tax
- Dividend exemption from income tax in respect of shares bought within the permitted maximum
- 100% IHT relief after 2 years
- For this tax year, Sharon has made gross pension contributions of £20,000. She has a share of partnership profits of £100,000 and paid interest of £60,000 on a loan taken out to finance the partnership. How much of the loan interest can be deducted for tax relief purposes?
- Debbie has a basic salary of £40,000 and benefits in kind, totalling £7,500 per annum. Debbie’s employer contributes 5% of her basic salary to her pension and Debbie tops this up with a contribution of 8% of her total relevant UK earnings. What is the total gross contribution being made to her pension plan?
- When is gazundering more likely to take place?
- In a depressed market
- In a buoyant market
- When interest rates are low
- When inflation is high
- B – See R01 Study Text, Chp 6
Grab our taster mock exam paper for CII R01. Click here to download.
- AC – See R02 Study Text, Chp 6:2
Grab our taster mock exam paper for CII R02. Click here to download.
- C – See R03 Study Text, Chp 1
Grab our taster mock exam paper for CII R03. Click here to download.
- D – See R04 Study Text, 2:1
Grab our taster mock exam paper for CII R04 Click here to download.
- A – See R07 Study Text, Chp 4
Grab our taster mock exam paper for CII R07. 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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