Friday Five – 4 December – 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 2015/16, examinable until 31 August 2016.

1. Who would the term bankruptcy apply to?
   1. Individuals only
   2. Companies and individuals
   3. Companies
   4. Sole traders only

2. Sybil is invested in a property authorised investment fund (PAIF). How will she receive any interest?
   1. Gross and not taxable
   2. Gross and taxable at basic rate
   3. Paid net of basic rate tax
   4. Paid net of 10% tax

3. Phil is buying a residential property for £275,000 and has agreed with the seller that this includes £5,000 for carpets and curtains. How much Stamp Duty Land Tax is payable by Phil?
   1. £3,500
   2. £3,750
   3. £8,100
   4. £8,250

4. Bob registered his £1.65m pension fund for Primary protection. Assuming he drew all his benefits in 2015/16, he will be entitled to a personal lifetime allowance of:
   1. £1.25million.
   2. £1.65million.
   3. £1.98million.
   4. £1.8million.

5. Best execution for a retail client is judged by:
   1. the price and costs
   2. the price and speed
   3. the costs and likelihood of execution
   4. likelihood of execution and settlement

Answers

1. A – See R01 Study Text, Chp 3 Section F
   Grab our taster mock exam paper for CII R01. Click here to download.

2. C – See R02 Study Text, Chp 6:2 Section J2A
   Grab our taster mock exam paper for CII R02. Click here to download.

3. A – See R03 Study Text, Chp 7 Section A
   Grab our taster mock exam paper for CII R03. Click here to download.

4. C – See R04 Study Text, Chp 2.2 Section F1
   Grab our taster mock exam paper for CII R04. Click here to download.

5. A – See J12 Study Text, Chp 6 Section B2A
   Grab our taster mock exam paper for CII J12. 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!)