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Friday Five – 31 January – 5 Questions in 5 Minutes

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.

Questions

These questions relate to examinable tax year 2019/20, examinable until 31 August 2020.

  1. A new insurance company must apply to which of the following for authorisation?
    1. HMRC
    2. The PRA
    3. The FCA
    4. The FPC
  1. Which of the following are tax advantages of investing in Venture Capital Trusts? Tick all that apply.
    1. Income tax relief of 30%
    2. Reinvestment relief for capital gains tax
    3. Dividend exemption from income tax in respect of shares bought within the permitted maximum
    4. 100% IHT relief after 2 years
  1. 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?
    1. £20,000
    2. £30,000
    3. £50,000
    4. £60,000
  1. 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?
    1. £4,640
    2. £5,850
    3. £6,175
    4. £5,800
  1. When is gazundering more likely to take place?
    1. In a depressed market
    2. In a buoyant market
    3. When interest rates are low
    4. When inflation is high

 

Answers

  1. B – See R01 Study Text, Chp 6
    Grab our taster mock exam paper for CII R01. Click here to download.
  1. AC – See R02 Study Text, Chp 6:2
    Grab our taster mock exam paper for CII R02. Click here to download.
  1. C – See R03 Study Text, Chp 1
    Grab our taster mock exam paper for CII R03. Click here to download.
  1. D – See R04 Study Text, 2:1
    Grab our taster mock exam paper for CII R04 Click here to download.
  1. 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?

If you found this quiz useful for your CII exam revision, please do share it with your colleagues.

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