A Look at Recent Past Papers for the CII AF1 Exam – March 2024
In this article, we are taking a look at the questions asked in four past exam papers of the CII’s Advanced Diploma in Financial Planning AF1 exam; this is the unit that tests personal tax and trust planning.
This article is correct as at 18 December 2023.
The table below shows the questions asked in the exams sat in September 2023, February 2023, September 2022, and February 2022.
| IHT calculation and the impact of making lifetime gifts in the tax year of death | Income Tax calculation for a deceased person including the liability on the estate | IHT calculation including PETs and CLTs | IHT calculation with CLT and quick succession relief and the reporting and payment including penalties for lateness |
| Tax treatment of trustee income and capital gains | Executor’s duties in respect of reporting and payment of Income Tax | Taxation of investment bonds | How income is treated in tax year of death and how gains are treated through administration of an estate |
| How a trustee can be removed due to lack of mental capacity | Additional permitted subscription/ISAs and the time limits | Trustee registration service | Tax treatment of cash ISA on death |
| Drawbacks of someone losing mental capacity without a power of attorney in place | IHT and Income Tax position of death benefits from a SIPP | Exit charge on a discretionary trust | General Power of Attorney |
| Tax status due to leaving the country/residence rules | Trustee Registration Service | Stamp duty Land tax on second property | Residence rules |
| Implication for a gain on an investment bond due to residence status | IHT and CGT implications for setting up a discretionary trust | Furnished holiday lets | Income tax calculation and payment on account dates |
| Income Tax calculation | Inheritance Tax calculation | Income tax calculation | National Insurance contributions |
| Employee NICs liability | Income Tax and IHT implications of establishing a discretionary trust using a deed of variation | National Insurance contributions | Parental settlement rule |
| Explanation of annual allowance for pension purposes | Conditions for a deed of variation to be effective for IHT | Impact of divorce on Wills | Will planning |
| Qualifying conditions for a company raising funds under a SEIS | Powers of attorney | Child Trust Funds | CGT calculation on investments |
| Factors to consider before advising on investments for children | Business Asset Disposal Relief | Capital Gains Tax calculation | Impact of bankruptcy on a discretionary trust |
| Rent a room scheme and the Income Tax benefits | Capital Gains Tax calculation | Residency and CGT | Trust taxation |
| Capital Gains Tax calculation and CGT theory | Gifting shares to children | Overseas residence impact on an ISA | Trust review – factors to consider |
| Impact of marriage on an existing Will and the requirements for a Will to be legally valid. | CGT impact on a gift of shares when recipient leaves the UK and the automatic overseas residence test | Powers of attorney |
As you can see each exam covers calculations of the main taxes but each will have different assets and different scenarios to test various aspects of those taxes. Powers of attorney appear in most exams as well as aspects of the residence and domicile rules.
The R03 and J02 manuals provide the relevant content for this exam and we cannot also emphasis enough the importance of familiarising yourselves with the past exam guides, which provide vital guidance in terms of recurring themes.
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