Updates
This page details updates made to our learning resources. You should visit this page periodically to ensure you do not miss any updates. Updates can result from a change in exam syllabus, an amendment to the relevant CII or IFS study text directly affecting our resources, typographical errors or more complex issues.
CII and IFS Financial Planning Exams - 2010/11 Updates
STATUS AT 3 September 2010 : All our resources are currently being updated for the 2010/11 tax year. Already available are resources for FA1, FA2, CF1, J01, J06, J07, R06. Others will follow shortly. Emails are being sent out regarding availability of updates. Please watch your inbox for details.
CII General Insurance Exams - 2010 Updates
IF1 Mock Paper Set 2
IF1 Mock Paper Set 3
IF2 Mock Paper Set 1
IF2 Mock Paper Set 2
IF2 Mock Paper Set 3
IF3 Mock Paper Set 3
IF4 Mock Paper Set 1
IF5 Mock Paper Set 2
All IF Resources
CII and IFS Financial Planning Exams - Updates Relevant to Tax Year 2009/10 Versions
CF1 Calculation Workbook
CF1 Mock Paper Set 1
CF2 Calculation Workbook
CF2 Mock Paper Set 1
CF3 Mock Paper Set 2
CF3 Mock Paper Set 3
CF4 Audio Masterclass A
CF5 Mock Paper Set 2
CF5 Workbook
CF6 Calculation Workbook
FA2 Mock Paper Set 2
J01 Calculation Workbook
J01 Mock Paper Taster Set
J01 Mock Paper Set 1
J01 Mock Paper Set 2
J04 Mock Paper Set 1
J04 Mock Paper Set 3
J04 Calculation Workbook
J05 Calculation Workbook
J05 Mock Paper Taster Set
J05 Mock Paper Set 2
J06 Calculation Workbook
J08 Case Study Workbook
All FA, CF, J0 Resources
22 January 2010: Question 98 : Answers updated to reflect changes in definition of an eligible complainant. New version : IF1Set2010110v2 22 January 2010: Question 98 : Answers updated to reflect changes in definition of an eligible complainant. New version : IF1Set3010110v2 23 February 2010: New handout added to direct listeners to review the updated pages in the study text regarding the special annual allowance. New version : CF4CeFA3AudioAHandouts010909v1 23 February 2010: Question 98 : Question options updated updated to reflect changes in definition of an eligible complainant. New version : CF1Set1010909v2 14 June 2010: Question 85 : Answer should read C. New version : CF2Set1010909v2 28 July 2010: Answer to Section 19, Question 1C) : "A £3,505" 28 July 2010: Answer to Section 19, Question 2) : "D £8,980" New version : CF2CalcWkbk010909v3 25 May 2010: Answer to Section 19, Question 1B) : Answer should read £3,628.64. Tax liability should read £3,628.64 25 May 2010: Answer to Section 19, Question 1C) : Tax liability should read £3,628.64 New version : CF2CalcWkbk010909v2 22 April 2010: Question 38 : Re-word "...dies intestate and does not and has never had a living spouse...". Change Answer to C. New version : CF3Set2010909v4 23 February 2010: Question 50 : Answers updated to reflect changes in definition of an eligible complainant. New version : CF3Set2010909v3 22 April 2010: Question 7 : Answer a) should read "It is non-contributory and taxable" New version : CF3Set3010909v2 Latest Version : 5 November 2009 : J01CalcWkbk010909v5 If you have purchased the 2009/10 workbook but do not have the latest version, please email us at enquiries@brandft.co.uk stating your email address and/or order number. We will then email the updated version to you. 22 January 2010 : Page 49 : Net total figure should read £3,004.40 22 January 2010 : Page 66 : Last sentence on page should read "... and that the portfolio totals £124,400". New version : CF5Wkbk010909v3. 23 November 2009 : Page 46, Paragraphs 8 and 9 : Calculation altered to reflect 09/10 enhanced age allowance of £22,900. "....this exceeds the permitted £22,900 by £100. The excess of £100 has the impact of reducing the Age Allowance of £9,490 to £9,440 (£100 divided by 2 = £50)." New version : CF5Wkbk010909v2. 5 November 2009 : Question 1 c ii) : Answer revised. "In the current tax year (2009/10) David's NRE are reduced by the amount of the PA (£6,475) to produce a taxable income figure of £37,525. This exceeds the band at which higher rate starts (£37,400) by £125. Higher rate tax relief is given by extending the basic rate tax band by the amount of the grossed up pension contribution (£44,000). This means that David would get additional tax relief of 20% of £125 = £25. Net cost to David £35,200 - £25 = £35,175. New version : CF5Set2010909v2. 15 December 2009 : Section 8, Question 6) : Answer should read £275,760. Calculation steps altered accordingly. 10 November 2009 : Section 3, Question 1c) : Answer should read £912.50. 10 November 2009 : Section 6, Question 2) : Answer should read "x 3%". New version : CF6CalcWkbk010909v2. 5 November 2009 : Question 6 : New question inserted due to updated syllabus. New version : FA2Set2010909v2. 22 April 2010: Question 94 : Answer should read B. New version : IF2Set1010109v2. 22 April 2010: Question 41 : Answer d) should read "Net profit + variable charges". Question 82 : Reword question to ".... Which details does he not need to make a note of....". Also, change answer d) to "Names of police in attendance". New version : IF2Set2010109v2. 19 September 2009 : Question 54 : Answer should read C. Question 93 : Answer should read A. New version : IF2Set3010109v2. 19 September 2009 : Question 28 : Re-word question to "Which of these statements is not true..." New version : IF3Set3010109v2. 22 April 2010 : Question 29 : Answer should be A. Question 31 : Answer should be A. New version : IF4Set1010109v2. 29 October 2009 : Questions 71 - 75 : Re-word second sentence in case study to read ".....medium sized saloon car which is 3 months old." New version : IF5Set2010109v2. 28 September 2009 : Question 1 Answer: Re-word to: £ 0 - £5,715 £ 0.00 Total £4,238.85 New version : J01Free010909v4. 22 April 2010: Question 8: Add to end of second sentence "...aged 4, 7 and 10, having already used up his annual exemptions for that and the previous year. The trustees will pay...." New version : J01Set1010909v5. 5 November 2009 : Question 2 Answer: Tax liability should read £8,825.39. Tax payable should read £8,689.50. New version : J01Set1010909v4. 29 September 2009 : Question 1a Answer: Replace £105 with £110. Answer 14b : Change 6.25% to 4.75%. Change £25 to £19. Change total to £114.25 New version : J01Set1010909v3. 5 November 2009 : Question 10 Answer: Cross references to CII study text should read Chapter 5, Section E1D, E1F. New version : J01Set2010909v4. 14 September 2009 : Question 9 : Re-word parts of main body of question to "... As she is now retiring, she has sold the property in February 2009 for £82,000..... In addition, in June 2009 she sold a share...." Answer to Question 9 a) : a) purchase price of buy to let : £90,000 Buying and selling costs : £4,300 Share sale gain : £12,400 Offset from loss : £2,300 New version : J01Set2010909v3. 12 April 2010 : Question 5d): Question changed to "If Malcolm decided to defer drawing his basic state pension for 2 full years until age 67, explain the options open to him when he decides to start taking the pension." Answer changed to: "The options open to Malcolm are: The amount of pension would be increased by 1% for every 5 weeks that it is deferred. This equates to 10.4% per year of deferral. Alternatively the increased pension can be foregone in return for a lump sum. The lump sum is calculated as the amount of pension that would have been received plus interest. Interest is calculated at 2% above Bank of England Base Rate. The lump sum payment is taxed as earned income." New version : J04Set1010909v6. 15 March 2010 : Question 6 Answer: Rewording of first bullet to clarify the point "Yes, because Clive joined the scheme before April 1997 and because his earnings are below the S2P upper earnings threshold" New version : J04Set1010909v5. 10 March 2010 : Question 7 Answer: Replace 2nd and 3rd bullet points with "This is subject to a pension cap of £31,936.32 at 65" and "90% of the above = £28,742.69 pa." New version : J04Set1010909v4. 10 November 2009 : Question 4c) Answer: Replace "This exceeds lifetime allowance by £179,940." New version : J04Set1010909v3. 10 November 2009 : Due to change in State Pension Credit rules in November 2009, Question 3 has been amended. Savings amount is now £12,500. New version : J04Set3010909v3. 12 April : Section J, Question 1 : Rewording of Question - "On A-day....drawdown amount of £34,000 per annum; an amount equivalent to 83.33% of the maximum allowed". Change to part of Answer : Maximum income allowable is £34,000 / 83.33% = £40,802. Drawdown in payment £40,802 x 25 = £1,020,050. Total £1,845,050. Figure of £1,845,050 should be used in the final division, but still giving same rounded answer of 23%. New version : J04CalcWkbk010909v10. 15 March 2010 : Section J, Question 1 : Answer reformatted - figure of £40,800 should not appear on the right hand side, hence the figure is not included in the sum total. New version : J04CalcWkbk010909v9. 23 February 2010 : Section C : New calculation added in light of pre-Budget changes regarding Special Annual Allowance. New version : J04CalcWkbk010909v8. Latest Version : 10 November 2009 : J04CalcWkbk010909v7 If you have purchased the 2009/10 workbook but do not have the latest version, please email us at enquiries@brandft.co.uk stating your email address and/or order number. We will then email the updated version to you. This version includes changes relevant to the rule change for State Pension Credit in November 2009. 23 February 2010 : Section A : New calculation added regarding calculation of defined contribution arrangements for annual allownce test purposes. New version : J05CalcWkbk010909v4. 5 October 2009 : Section I, Answer to Question 1a : Answer should read £64,167. New version : J05CalcWkbk010909v3. 9 September 2009 : Section A, Answer to Question 1 : Amend text to "The annual allowance for 2009/10 is £245,000 and this has not been exceeded...". New version : J05CalcWkbk010909v2.
19 July 2010 : Answer to Q1b) Amend to read "Monthly in arrears". New version : J05Free010909v4. 14 July 2010 : Answer to Q2b. Remove "or unsecured pension if spouse under 75" New version : J05Free010909v3. 19 July 2010 : Amendment to Question 8b) - should now read "Advise John of his options if he decides to defer his state pension (6 marks). Answer to Question 8b) - should now read "He can take an increased weekly pension based on a rate of 0.2% per week, which equates to 10.4% extra a year.
Alternatively, John can take an additional lump sum as long as he delays drawing his pension for 12 consecutive months. The lump sum will equal the amount of pension you would have received plus interest. The rate of interest used equates to 2% above the Bank of England base rate." 19 July 2010 : Amendment to Answer to Question 8a) - Amend first line to read "Yes, he may defer and will receive an increased pension" New version : J05Set2010909v5. 10 November 2009 : Due to changes in State Pension Credit rules in November 2009, question 2a) has been amended so that savings figure is £14,000. New version : J05Set2010909v4. 5 October 2009 : Answer to Question 13 : Answer relating to Charles should read : Charles: New version : J05Set2010909v2. 10 November 2009 : Section 13 State Pension Credit, Question 2. Due to change in rules on November 2009, this question has been updated. Savings amount is now stated as £11,900. New version : CF1CalcWkbk010909v3 7 September 2009 : Section 9 Tax Calculation Priorities, Question 2. Typo was found in relation to the calculation of 20% tax on £37,400 employment income. The tax due should read £7,480. The resulting total tax bill should read £15,080.83. Taking into account the tax already paid on interest and dividends, he therefore owes £13,907.50 in tax. New version : CF1CalcWkbk010909v2 23 February 2010 : Slight modification to Page 81 : Forumla should read sales/stock. New version : J06CalcWkbk010909v4 26 August 2009 : Two additional questions added to Section 1 regarding holding return (annualised). New version : J06CalcWkbk010909v2 14 July 2010 : Page 38, Paper 3, Case Study 1 (Fiona Jeffries), Q1 Answer : Bullet 1 "Income Tax" - Tax payable should read £7,480. Total income tax should read £8,530. Bullet 3 "Net income after tax and NI" - Less tax should read £8,530. Net income should read "£34,766.15" New version : J08Wkbk010909v2 7 October 2009 : Tax tables in mock papers and calculation workbooks for J01, J02, J04, J05 and J06 were updated to reflect the change to the national insurance contributions section of the CII's Diploma tax tables. 23 August 2009 : All learning resources for Financial Planning exams have now been updated for examinable tax year 2009/10. Note that the CF1 online training program will provide training for both tax years 2008/09 and 2009/10 from approx Friday 14th August for two weeks, at which point the training program will revert to tax year 2009/10 only. 1 January 2010 : All mock papers have been updated to reflect minor changes to the exam syllabus for IF1, IF2, IF3 and IF5.
£43,875 - £5,715 at 11% £4,197.60
£48,000 - £43,875 at 1% £ 41.25
sale price of buy to let : £82,000
£8,000 loss
Total loss in 2008/09 : £12,300
Annual allowance : £10,100
Taxable gain in 2009/10 : £2,300
No CGT liability
£ 0- 110 Nil £0.00
£110 - 770 9.4% £62.04
£770 – 844 11% £8.14
Total £70.18
Rebate
£95 – 110 1.6% (£0.24)
Total £69.94
