Friday Five – 6 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.
These questions relate to examinable tax year 2019/20, examinable until 31 August 2020.
- Which of the following statements are true in relation to the Data Protection Act 2018? Tick all that apply.
- It implements GDPR standards across all general data processing.
- It is limited to the UK GDPR provisions.
- The Information Commissioner continues to regulate and enforce data protection laws.
- The Information Commissioner can bring criminal proceedings in certain circumstances.
- The maximum fine for a serious data breach is £17m or 2% of global turnover.
- If the economy is booming, what effect (if any) is it likely to have on the price of fixed interest securities?
- No effect
- Prices will rise
- Prices will need to be pushed up
- Prices will fall
- Elaine is a basic rate taxpayer. She is also a beneficiary under a discretionary trust and has received net income of £1,650. Which of the following is correct regarding this income?
- Elaine is deemed to have received gross income of £3,000.
- The settlor of the trust will reclaim any tax on Elaine’s behalf.
- She has no further liability, but neither can she reclaim any tax.
- She will have a further liability less the amount taxed at source.
- Which factor is of least concern to a member of an occupational defined benefit scheme?
- Future and current annuity rates
- Accrual rate
- Definition of pensionable remuneration
- Length of service
- Marie has an onshore life assurance policy, and Claire has an offshore life assurance policy. The difference in the tax treatment of their funds is:
- Marie’s fund will be taxed at roughly the basic rate of income tax, while Claire’s fund will have gross roll-up.
- Marie’s fund will be taxed, but the tax is reclaimable while Claire’s fund will have a gross roll-up.
- Claire’s fund will be taxed at roughly the basic rate of income tax, while Marie’s fund will benefit from gross roll-up.
- Marie’s fund will be taxed and the tax is non-reclaimable, while Claire’s fund will be taxed but the tax is reclaimable.
- A C D – See R01 Study Text, Chp 6
Grab our taster mock exam paper for CII R01. Click here to download.
- D – See R02 Study Text, Chp 2
Grab our taster mock exam paper for CII R02. Click here to download.
- A – See R03 Study Text, Chp 1
Grab our taster mock exam paper for CII R03. Click here to download.
- A – See R04 Study Text, Chp 4
Grab our taster mock exam paper for CII R04. Click here to download.
- A – See R05 Study Text, Chp 5
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?
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