Top Tip – CII R06 – July 2013
Are you sitting the exam on the 8th July? If so, you will have already received the case studies in the post and by email link from the CII. Here at Brand Financial Training we’re working hard on producing our full case study analysis to help get you through your exam, along with our email support. You can find out all about that at http://www.brandft.co.uk/drfp/r06casestudy.asp. In the meantime, here are some initial thoughts.
There is a lot to case study 1 and a lot of preparation will be needed to be fully prepared for every possible angle and question.
Jack and Greg are probably our first civil partners with adopted children and the fact their wills were made before their civil ceremony suggests to me a question on what will happen to their estate should either of them die before they change their wills. Of course the answer is the same as any married couple – the laws of intestacy (if you leave a spouse/civil partner with children whether adopted or not) will apply. Both hold properties in their own names rather than joint which raises other important questions.
The child benefit income tax charge has been with us since January and I did think it might come up in the April exam but it didn’t – so it would seem highly likely that in this paper they will test it in some form so practising that calculation is a must as well as some of the practical points.
There’s scope for a CGT calculation on Greg’s property bearing in mind exempt periods and the letting exemption as well as numerous opportunities for the compare and contrast type R06 question – for the sole trader versus limited company or the protection product recommendation.
Case Study 2 covers some old ground from previous papers – details of LPAs looks likely and there’s scope for some interesting questions around ‘holding their investments appropriately’ with Sophie having a limited life expectancy. It also looks likely that a state pension deferral question will be asked and is often the case with the second case study, inheritance tax.
And always have up your sleeve an answer to the ‘when would you review’ question. This has come up in 5 of the last 7 papers.
For our full analysis of July’s R06 case studies and information on our email support please go to: