Friday Five – 5 May – 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

IMPORTANT!  These questions relate to examinable tax year 2016/17, examinable by the CII until 31 August 2017.  They do not relate to tax year 2017/18 which is only examinable by the CII from 1 September 2017.

1. What is the FCA Complaints Commissioner’s role?
   1. To determine whether to make any ex-gratia payments to FCA claimants
   2. To investigate suspicious activity by regulated firms
   3. To investigate complaints made against the FCA
   4. To listen to appeals against the FCA disciplinary decisions

2. What are the main sectors of the commercial property market? Tick all that apply.
   1. Office buildings
   2. Multi-tenanted buildings
   3. Out of town units
   4. Garages
   5. Retail

3. Henry has recently made a transfer to a discretionary trust. What is a necessary condition for the disposal to qualify for holdover relief?
   1. The donor and donee must both be UK resident
   2. The disposal must be of shares to a company
   3. The donor and donee must jointly claim it
   4. Inheritance Tax must have been paid on the transfer

4. Alan, a basic rate tax payer, is exercising his right to take all his benefits from his defined benefit scheme in the form of a cash lump sum, under the Trivial Commutation rules. If his CETV amounts to £12,000, what do the net proceeds amount to?
   1. £9,600.
   2. £10,200.
   3. £7,200.
   4. £12,000.

5. Vivienne wants to apply for a mortgage payment protection insurance policy. Which of the following is one of the eligibility conditions?
   1. She must be aged between 21 and 60
   2. She must have been employed/self-employed continuously for the last 6 months
   3. She must be currently working for at least 30 hours per week
   4. She must not have any pre-existing medical conditions

Answers

1. C – See R01 Study Text, Chp 5:2
   Grab our taster mock exam paper for CII R01. Click here to download.

2. A,E – See R02 Study Text, Chp 1.2
   Grab our taster mock exam paper for CII R02. Click here to download.

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

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

5. B – See R05 Study Text, Chp 9
   Grab our taster mock exam paper for CII R05. 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!)