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 - Updates Relevant to Tax Year 2011/12 Versions
24 October 2011 All cross references to CII study texts changed for the 2011/12 edition. Email enquiries@brandft.co.uk with order number for updated version.
New version : AF1Set1010911v3
19 September 2011 Q1: car benefit 175g/km = 25% + 3% = 28%, this gives a figure of £8,638, which gives a total of £124,088. Within the tax calculation box, the changes are £82,188 @ 40% = 32,875.2, giving a tax liability of £42,166.2 and after deducting tax deducted at source this leaves tax payable at £41,854.2
New version : AF1Set1010911v2
24 October 2011 All cross references to CII study texts changed for the 2011/12 edition. Email enquiries@brandft.co.uk with order number for updated version.
New version : AF1Set2010911v2
25 November 2011 Q15 - 2010 amended to 2011, Q29 2010/11 amended to 2011/12, Q68 2010/11 amended to 2011/12
New version : CF1Set1010911v2
25 November 2011 Q16 2009 amended to 2010, 2010 amended to 2011 (twice), Q30 2010/11 amended to 2011/12, Q31 2010/11 amended to 2011/12, Q59 Ordinary added before Power
New version : CF1Set2010911v2
3 February 2012 Question 89 - Answer should read B - the Upper Tribunal (Tax and Chancery Chamber)
New version : CF1Set3010911v3
25 November 2011 Q31 2010/11 amended to 2011/12
New version : CF1Set3010911v2
20 January 2012 Page 42 Q3 Answer changed to £9,090. Page 53 Q1 £119.65 changed to £124.15. Page 56 Q2 £5,250 changed to £35,250.
New version : CF1CalcWkbk010911v2
1 December 2011 Page 47 : NICS table for Class 1 updated to: Primary Class 1 NICs Employees who are contracted in; • Earnings below £139 (PCT) = no NICs • Earnings between £139 (PCT ) - £817 (Upper Earnings Limit) = 12% • Earnings above £817 (UEL) = 2% Employees who are contracted out (via stakeholder or PP) pay same NICs as if contracted in and NICO pay rebate to pension provider Employees who are contracted out via DB scheme; • Earnings between £102 (Lower Earnings Level) - £139 (PCT) = 1.6% rebate • Earnings between £139 (PCT ) - £770 (Upper Accrual Point) = 10.4% • Earnings between £770 (UAP) - £817 (UEL) = 12% • Earnings above £817 (UEL) = 2% Occupational DC schemes; reduced NICs and employer’s responsibility to pay rebate into scheme (flat rate rebate) Secondary Class 1 NICs Employees who are contracted in; • Earnings below £136 (SCT) = no NICs • Earnings above £136 (SCT) = 13.8% Employees who are contracted out; • Earnings under £136 (SCT) = no NICs • Earnings between £102 (LEL) - £136 (SCT) = rebate of 3.7% DB & 1.4% DC schemes • Earnings between £136 (SCT) - £770 (UAP) = 10.1% DB and 12.4% DC • Earnings above £770 (UAP) = 13.8%
New version : CF1StudyNotes010911v3
13 September 2011 Section 1 (page 4) added 4th FSA function as "allows investors to disperse risk across different investment products". Page 8; amended wording under 'non-earners' to read "more likely to be affected by inflation".
New version : CF1StudyNotes010911v2
7 January 2012 Question 46- answer changed B to 18% and C to 28% and made C the correct answer.
New version : CF2Set1010911v2
19 September 2011 Section 6; Q1 changed tax year in question, Q2 changed tax year in question.
19 September 2011 Section 7 Q2; changed reference to higher rate threshold in question (answer correct). Question 3; added missing "0" to last line in answer "£10,090 - £1,000 = £9,090". Q5; changed reference to higher rate threshold in question (answer correct). Q7; corrected reference to personal allowance to £7,475 in 2nd line of answer (answer correct)
New version : CF5CalcWkbk010911v2
3 February 2012 Updated question 35 as Ombudsman limit has gone up to £150,000 since 1/1/2012
New version : FA2Set2010911v3
7 December 2011 Question 44 : Answers a) to d) amended as follows " a. The lower of the growth in the RPI or 2.5% per annum compound b. The lower of the growth in the RPI or 5% per annum compound c. The higher of the growth in the CPI or 2.5% per annum compound d. The higher of the growth in the CPI or 5% per annum compound"
New version : FA2Set2010911v2
19 September 2011 Due to CII manual updates Q100 changed to "what is the maximum award the Financial Ombudsman Service can make after 1st January 2012?" answer B - £150,000, answer C - £100,000.
New version : IF1Set1010911v2
19 September 2011 Due to CII manual updates the following amendments have been made; Q98; answer D - A trust with a net asset of less than £3 million.
New version : IF1Set2010911v2
19 September 2011 Due to CII manual updates the following amendment has been made; Q98; answer C - a trustee of a trust with a net asset value of £5 million.
New version : IF1Set3010911v2
20 September 2011 Due to CII manual updates Q4 answer B changed to UK Information Centre
New version : IF5Set2010911v2
30 September 2011 Q5b: changed question wording to "Assuming the annuity started after 5th April 2011 and death took place at age 76". Q7; change final answer line to "Pension input amount £19,142.50", (calculation is correct).
New version : J05Set2010911v2
7 October 2011 Section 5 Q6; changed taxable income to £34,200 (also change in question (page 16), top sliced gain of £1,233.33 added to taxable income makes £35,433.33, this means that £433.33 falls into the higher rate tax bracket (£433.33 x 20% = £86.67), this makes the actual tax liability on the whole gain £86.67 x 9 = £780.03.
New version : J01CalcWkbk010911v3
30 September 2011 Section 2 Q9 Page 38; corrected base line to 125g (calculation correct).
30 September 2011 Section 3 Q3 page 42; 2nd line of table corrected to £631 (answer correct). Section 3 Q8 Page 47 (and question on page 11); increased ZYX salary to £27,000, so answer is table is £19,775 x 2% = £395.50, when added to ABC NICs = £2,528.50, which makes end of year balancing payment £4,312.08 – £2,528.50 = £1,783.58. By increasing the salary from ZYX this increases the combined earnings to £52,000 (2nd paragraph in answer). 4th paragragh in answer changed to reflect increased salary of £27,000 (£19,775 is liable at 2%).
30 September 2011 Section 4 Q5 page 53 and Q6 page 55 - Mr Bell & Mrs Bennett both changed to higher rate taxpayers and so the CGT gain on assets taxed at 28% (entrepreneurs' relief still taxed at 10%), Mr Bell's taxable gain is therefore £55,200 x 28% = £15,456 and Mrs Bennett's gain is therefore £2,600 x 28% = £728 also also changed question wording to reflect this (Q5 & Q6 on page 14 changed to "higher rate tax payer").
30 September 2011 Section 5 Q6; changed gross income to £31,300 (page 16 for question and page 64 for answer section), this makes taxable income £23,825 and with addition of top slice = £36,158.33. So higher rate tax liability is £1,158.33 x 20% = £231.67, when multiplied by 9 this gives £231.67 x 9 = £2,085.03. Amended 5th paragraph in detailed explanation "Some of the gain falls below the basic rate threshold and some will be taxed at the higher rate. In this situation the gain is ‘Top Sliced’." Last paragraph in detailed explanation changed "£1,158.33 x 20% = £231.67. This amount is then multiplied by the number of Top Slice years - 9 (in this question) – to give the full tax liability. £231.67 x 9 = £2,085.03".
New version : J01CalcWkbk010911v2
30 September 2011 Section J Q1; changed question to "Donald retired in April 2010 and purchased a fixed lifetime annuity"
New version : J05CalcWkbk010911v2
24 October 2011 Balance sheet (page 7) changed Notes section to read "1950 employees in 2009". Section 23 (page 31): removed "Please refer to the P&L and Balance Sheet at the front of this workbook to answer the questions in this section." Section 10 (page 65): changed most recent accounts to 2010. Section 20 (page 76) : changed stock turnover formula to read "cost of sales" on top of fraction (formula for both questions).
New version : J06CalcWkbk010911v2
13 September 2011 Question 95 : Answer should read B C E F
New version : R01Set3010911v2
17 October 2011 Due to CII manual updates, Section 2 (page 11) under retirement benefits state pension credit now reads Y to means (i), means (c) and tax free, SERPs and S2P are also Y under NI.
New version : R01StudyNotes010911v2
21 November 2011 This resource has been reviewed and various updates made. Go to http://www.brandft.co.uk/drfp/r02mockq.asp for the lastest version of this free taster paper.
New version : R02Free010911v2
21 November 2011 This resource has been reviewed and various updates made. Please contact enquiries@brandft.co.uk if you have purchased this resource and require the updated version.
New version : R02Set1010911v2
27 January 2012 Typo on question 55 - answer B changed to 'To reduce the volume of required fund research'. Re-worded question 45 stem for clarity to - There are strict rules around the investments that can be held in an ISA. What is the purpose of the 5% test?. Re-worded question 60 stem for clarity to 'If 2 assets have a correlation of 0.25, what does this tell us about their relationship within a portfolio?'
New version : R02Set2010911v3
21 November 2011 This resource has been reviewed and various updates made. Please contact enquiries@brandft.co.uk if you have purchased this resource and require the updated version.
New version : R02Set2010911v2
21 November 2011 This resource has been reviewed and various updates made. Please contact enquiries@brandft.co.uk if you have purchased this resource and require the updated version.
New version : R02Set3010911v3
7 November 2011 Q45 replace "child tax credit" with Child trust fund", Q86 should read "How does an OEIC differ from a unit trust?", Q99 replace "contact" with "contract"
New version : R02Set3010911v2
21 November 2011 This resource has been reviewed and various updates made. Please contact enquiries@brandft.co.uk if you have purchased this resource and require the updated version.
New version : R02CalcWkbk010911v3
18 October 2011 Section 2 Q2 (page 34) Step 2 changed to "resulting in a capital gain of £6.25" (calculation correct).
New version : R02CalcWkbk010911v2
3 February 2012 Page 11. Paid with 20% tax credit as profits have suffered corporation tax - changed to: Paid with 10% tax credit as profits have suffered corporation tax.
New version : R02StudyNotes010911v4
17 October 2011 Due to CII manual updates, Section 5 (page 22) has been amended, under Interest Rate Risk "Duration" changed to "Modified duration"
New version : R02StudyNotes010911v3
19 September 2011 Due to CII manual updates the following amendment has been made; Section 1 Part 1: under NS&I products added "Nb. new sales of Fixed Interest and Index Linked savings certificates withdrawn 06/09/11"
New version : R02StudyNotes010911v2
25 November 2011 Question 20 : Add the word 'Capital' before 'loss'. Question 3 : Add the word 'annual' before 'exemption'. Question 20 re-written. Go to http://www.brandft.co.uk/drfp/r03mockq.asp for the lastest version of this free taster paper.
New version : R03Free010911v2
21 November 2011 This resource has been reviewed and various updates made. Please contact enquiries@brandft.co.uk if you have purchased this resource and require the updated version.
New version : R03Set1010911v3
7 November 2011 Q1 answer should be C, i.e. y/e 31/08/2011; Q28 question B amended to tax relief at 30%; Q41 question F should read "...and claims income tax relief on 15% of his home as an office",; Q44 answer should read BCE
New version : R03Set1010911v2
21 November 2011 This resource has been reviewed and various updates made. Please contact enquiries@brandft.co.uk if you have purchased this resource and require the updated version.
New version : R03Set2010911v2
21 November 2011 This resource has been reviewed and various updates made. Please contact enquiries@brandft.co.uk if you have purchased this resource and require the updated version.
New version : R03Set3010911v2
21 November 2011 This resource has been reviewed and various updates made. Please contact enquiries@brandft.co.uk if you have purchased this resource and require the updated version.
New version : R03CalcWkbk010911v6
30 September 2011 Section 2 Q8; increased ZYX salary to £27,000, so answer is table is £19,775 x 2% = £395.50, when added to ABC NICs = £2,528.50, which makes end of year balancing payment £4,312.08 – £2,528.50 = £1,783.58. By increasing the salary from ZYX this increases the combined earnings to £52,000 (2nd paragraph in answer). 4th paragragh in answer changed to reflect increased salary of £27,000 (£19,775 is liable at 2%).
30 September 2011 Section 3 Q5 & Q6 Mr Bell & Mrs Bennett both changed to higher rate taxpayers and so the CGT gain on assets taxed at 28% (entrepreneurs' relief still taxed at 10%), Mr Bell's taxable gain is therefore £55,200 x 28% = £15,456 and Mrs Bennett's gain is therefore £2,600 x 28% = £728, also changed question wording to reflect this (Q5 & Q6 on page 13 changed to "higher rate tax payer").
New version : R03CalcWkbk010911v5
26 September 2011 Section 6 Q6; stockbroker fees should read £145 (answer correct)
New version : R03CalcWkbk010911v4
19 September 2011 Section 1 Q1; non-savings of £18,525 is taxable @ 20% = £3,705, which gives a total tax liability of £3,825, after deducting the tax deducted at source this leaves tax payable at £3,705. Q3; taxable income is £15,560. Q4; qualifying base level is 15% at 125 grams per kilometre, so 185 is 60 grams higher than qualifying level = 60 / 5 = 12 + 15 = 27% charge. (answer remains correct at 27% of £22,000). Q9; qualifying base level is 15% at 125 grams per kilometre, so 160 grams is 35 grams higher than baseline = 35 / 5 = 7 + 15= 22% charge (answer remains correct at 22% of £20,000).
19 September 2011 Section 3 Q2; added "as this remains within the basic rate tax band" to the end line of the detailed explanation.
19 September 2011 Section 4 Q4; 20% increase in nil rate band (answer remains correct at £65,000).
19 September 2011 Section 6 Q4: changed gross income to £31,300, this makes taxable income £23,825 and with addition of top slice = £36,158.33. So higher rate tax liability is £1,158.33 x 20% = £231.67, when multiplied by 9 this gives £231.67 x 9 = £2,085.03. Amended 5th paragraph in detailed explanation "Some of the gain falls below the basic rate threshold and some will be taxed at the higher rate. In this situation the gain is ‘Top Sliced’." Last paragraph in detailed explanation changed "£1,158.33 x 20% = £231.67. This amount is then multiplied by the number of Top Slice years - 9 (in this question) – to give the full tax liability. £231.67 x 9 = £2,085.03". Q9: EIS relief changed to 30%, so tax relief on £30,000 x 30% = £9,000, once this tax relief is deducted from her tax liablilty of £12,400 this leaves a liability of £3,400, (answer and detailed explanation changed to reflect this).
New version : R03CalcWkbk010911v3
13 September 2011 Section 3 Q7 taxable salary should read £33,500
New version : R03CalcWkbk010911v2
26 September 2011 Section 10 (page 46) EIS tax relief has been increased to 30% on investments up to £500,000
New version : R03StudyNotes010911v4
19 September 2011 Section 1 (page 7) under company cars - free fuel changed to £18,800, rate per mile is 45p (for first 10,000). Section 2 (page 12); Employer NICs updated; secondary contribution threshold is £136 for money purchase and final salary.
19 September 2011 Due to CII manual updates the following amendment has been made; Section 9; under NS&I certificates "withdrawan on 6 September 2011"
New version : R03StudyNotes010911v3
18 November 2011 Question 15 : Answer should read A
New version : R04Set1010911v3
18 November 2011 Question 44 - answer A amended to "The gilt yield used when calculating maximum withdrawal rate will be 4.25%"
New version : R04Set3010911v2
19 September 2011 Section 1 Q8; Simone's contribution for 2010/11 should read £35,000
New version : R04CalcWkbk010911v3
13 September 2011 Section 1 Q9; total contribution is £85,000, amount above the annual allowance is £35,000 which makes a tax charge of £14,000
New version : R04CalcWkbk010911v2
19 September 2011 Due to CII manual updates Section 3 (page 11) under FOS compensation the maximum limit it has been added that this will increase to £150,000 from 01/01/12.
New version : R04StudyNotes010911v2
1 December 2011 Page 9 : Means tested (£16,000 capital, including equity) amended to Means tested ((£16,000 capital, excluding equity)
New version : R05StudyNotes010911v2
26 September 2011 Case Study 1 Question C; as Fiona is a higher rate taxpayer the gain of £2,400 is chargeable at 28%, so £672 is payable
New version : R06Set3010911v3
13 September 2011 Case Study 1 Question a); total NI is £3,383.00, which gives a net income figure of £34,507
New version : R06Set3010911v2
CII and IFS Financial Planning Exams - Updates Relevant to Tax Year 2010/11 Versions
CF1 Audio F - NI and Social Security Benefits
CF5 Mock Papers and Portfolio Creation Workbook
CF6 Audio C - Mortgage Products
CeFA/CeMAP Module 1 Mock Paper Set 2
CeFA/CeMap Module 1 Audio F NI & Social Security Benefits
CeFA/CeMap Module 1 Audio G The FSA
CeFA Module 2 Mock Paper Set 1
CeFA Module 2 Mock Paper Set 2
CII General Insurance Exams - 2010/11 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 1
IF3 Mock Paper Set 3
IF4 Mock Paper Set 1
IF4 Mock Paper Set 3
IF5 Mock Paper Set 2
All IF Resources
9 March 2011: Question 84 : Amend option B to read 'Reduction of financial crime'
New version : CF1Set2010910v2
CF1 CALCULATION WORKBOOK 2010/11
29 June 2011: References added to the answer section
New version : CF1CalcWkbk010910v3
20 June 2011: Page 46; Change CGT rate for basic rate taxpayers from 10% to 18%
New version : CF1CalcWkbk010910v2
CF1 AUDIO F - NI AND SOCIAL SECURITY BENEFITS 2010/11
9 March 2011:Updates document released relating to changes made to the CII study text on 18/1/11. Download at https://www.mcssl.com/content/120283/201011Updates/CF1CeFA1CeMAP1AudioFUpdatev1.pdf
New version : CF1CeFA1CeMAP1AudioFUpdatev1
9 March 2011:Updates document released relating to changes made to the CII study text on 4/11/10. Download at https://www.mcssl.com/content/120283/201011Updates/CF1CeFA1CeMAP1AudioGUpdatev1.pdf
New version : CF1CeFA1CeMAP1AudioGUpdatev1
CF1 ONLINE TRAINING PROGRAM 2010/11
10 March 2011:Updates document released relating to changes made to the CII study text on 4/11/10, 22/12/10, 18/1/11. Download at https://www.mcssl.com/content/120283/201011Updates/CF1OTPUpdatev1.pdf
New version : CF1OTPUpdatev1
25 March 2011: From 1 April 2011 the FSCS limits have changed. Therefore amend Question 28 Option D to read '100% of the first £85,000'
New version : CF2Set1010910v2
25 March 2011: From 1 April 2011 the FSCS limits have changed. Therefore amend Question 100 Option B to read '100% of the first £85,000'
New version : CF2Set2010910v3
9 March 2011: Question 32 : Replace question with 'What is the minimum investment required to open a National Savings & Investments (NS&I) direct cash ISA? a. £1, b. £10, c. £100, d. £1,000'. Replace answer with 'C' and cross-reference Chapter 4 Section E2
New version : CF2Set2010910v2
9 March 2011: Question 31 : Replace question with 'What is the maximum total holding permitted in a National Savings & Investments (NS&I) Income Bond?' a. £1,000, b. £25,000, c. £250,000, d. £1,000,000'. Replace answer with 'D' and cross-reference Chapter 4 Section E4
New version : CF2Set3010910v3
1 November 2010: Change answer options on Question 95 to : a. £1,692 b. £1,880 c. £2,632 d. £3,760. Change answer to Question 95 to C.
New version : CF2Set3010910v2
CF2 CALCULATION WORKBOOK 2010/11
6 July 2011: References added to the answer section
New version : CF2CalcWkbk010910v3
9 September 2010: Section 22, Answer to Question 1B - Remove the word 'flat'.
9 September 2010: Section 22, Question 2 - Option b) should read £2,212. Answer to Question 2 should read B: £2,212. Amend final sentence to read "CGT is charged at a rate of 28% for Mr Reed. £7,900 x 0.28 = £2,212.00".
New version : CF2CalcWkbk010910v2
21 September 2010: Answer to Question 6 should read 'A'
New version : CF4Set1010910v2
27 September 2010: Answer to Question 41 should read 'B'
New version : CF4Set3010910v2
CF5 MOCK PAPERS AND PORTFOLIO CREATION WORKBOOK 2010/11
24 March 2011: Due to change in examinable syllabus, removed the 4 National Savings Certificates from the product list
New versions : CF5Free010910v2, CF5Set1010910v2, CF5Set2010910v2, CF5Set3010910v2, CF5Wkbk010910v2
9 March 2011: Question 56. Amend option A to read 'Most long-term investments purchased alongside interest only mortgages guarantee the mortgage will be repaid'. Amend option C to read 'A pension mortgage could be over a term as long as 40 years'
New version : CF6Set1010910v2
9 March 2011: Question 1 : Replace option B with 'Reduction of financial crime'
New version : CF6Set2010910v2
CF6 AUDIO C - MORTGAGE PRODUCTS 2010/11
10 March 2011:Updates document released relating to changes made to the CII study text on 18/10/10. Download at https://www.mcssl.com/content/120283/201011Updates/CF6CeMAP2AudioCUpdatev1.pdf
New version : CF6CeMAP2AudioCUpdatev1
21 February 2011: Question 4 answer should be A.
21 February 2011: Question 44 should read 'Louise left her occupational pension scheme in June 2010 after 15 months service and will receive a refund of her contributions. At what rates will HMRC tax this?' A: 20% on the first £20,000 and 50% on the remainder. B: 10% on the first £20,000 and 20% on the remainder. C: 20% on the first £10,800 and 40% on the remainder. D: 10% on the first £10,800 and 20% on the remainder'
New version : FA2Set3010910v2
1 November 2010: Change Question 14b) to read 'Explain the workings of an 18-25 Trust'
Change Answer to Question 14a) to: As the trust was set up post 22 March 2006 this is a Chargeable Lifetime Transfer for inheritance tax purposes. - As the amount involved is below the nil rate band there is no immediate charge of 20% no tax to pay at the time of transfer - The trust itself is outside the settlor/donors estate and - there is no additional charge to inheritance tax on her death unless there had been any reservation of benefit.
Change Answer to Question 14b) to: 18-25 trusts are for minors set up under terms of a will, intestacy or criminal injuries compensation scheme - an absolute interest must be given to the beneficiary by the age of 25 - beneficiary is treated as owning the assets for IHT purposes until they are 18 - an exit charge will be payable based on the period between the beneficiaries 18th birthday and when they receive the absolute interest
Change CII study text cross reference for Question 14 to : Chapter 7, Section D3 / D4
New version : J02Set1010910v2
17 June 2011: Q11: change classic car to painting (question page 6 and answer page 12)
New version : J01Set1010910v2
16 June 2011: Q14 answer section; total taxable benefit should read £9,025
New version : J01Set2010910v2
J01 CALCULATION WORKBOOK 2010/11
6 May 2011: Section 4 Capital Gains Tax; Page 13; add "Mr Poole’s taxable earnings for the year are £30,500" to the end of the question. Answer on Page 49: under the calculation box replace gain taxed at 18% with; Basic rate band remaining (£37,400 - £30,500) is £6,900 £6,900 @ 18% = £1,242 £20,400 - £6,900 = £13,500 @ 28% = £3,780 Total CGT = £5,022
6 May 2011: Section 4 Capital Gains Tax; Page 49: Add to the end of detailed explanation: The gain, after deduction of the annual exemption is treated as the top slice of income, any part of the gain that is in the basic rate band is taxable at 18% and the rest is taxable at 28%.
New version : J01CalcWkbk010910v8
11 April 2011: Q4 Section 4 (page 52); added "assuming Miss Owen is a basic rate taxpayer" to the final line of the answer.
11 April 2011: Q5 Section 4 (pages 14 & 53) add Mr Bell has no taxable income to the last line of the question, Within the answer section (page 53) amend the CGT calculation on the holiday home to; Holiday Home gain taxed at 18% & 28%; £37,400 x 18% = £6,732, £55,700 - £37,400 = £18,300 x 28% = £5,124.
11 April 2011: Q6 Section 4 (page 56) add to the detailed explanation: The value of the “chattel” at disposal exceeds £6,000 at disposal, so check against the chattel rule; (excess gain over £6,000 x 5/3) so the maximum chargeable gain would be £20,000 x 5/3 = £33,333. Mrs Bennet’s gain is below this figure.
New version : J01CalcWkbk010910v7
23 March 2011: Income Tax Q8 (page 37) amended to Building society interest divided by 0.8. CGT Q3; (page 51) include "As the gain was made after 23 June 2010" to the sentence "the relief covers the first £5,000,000 of qualifying gains made during their lifetime and this gain is taxed at 10%", and change Gains in excess of £1,000,000 to gains in excess of £5,000,000. CGT Q4 (page 52) changed gain made on sale of "car" to gain made on sale of "property". CGT Q7 change gifts made to daughter in 2007 (not 2008) and his grandaughter in 2008 (not 2009).
New version : J01CalcWkbk010910v6
8 February 2011: Page 39 : Section 1 Answer to Question 10 : Two lines have been added to the second table to deduct tax deducted at source of 210.00 for savings and 288.89 for dividends. Tax payable is 2,385.80
New version : J01CalcWkbk010910v5
27 January 2011: New Question 7 Added to Section 4 to cover different CGT bands
New version : J01CalcWkbk010910v4
18 January 2011: Page 51 : Amend detailed explanation to read '.... The relief covers the first £1,000,000 of qualifying gains...' and 'Gains in excess of £1,000,000 are taxed at the full rate of 18%'
18 January 2011: Page 73 : Amend detailed explanation to read 'However, they reduce the amount of nil rate band available to be used against the total estate left on death by £51,000'
18 January 2011: Pages 83 & 84 : Elements of answer should be amended : 'Gift in 2010 - PET. Can use current and previous years annual exemption. Total £6,000. PET is £62,000. Nil rate band available 325,000 Already applied to PETs 132,500 Nil rate band remaining 192,500 Chargeable estate 200,000 Less nil rate band 192,500 Taxable estate 7,500 Tax liability 7,500 x 40% = 3,000
18 January 2011: Page 84 : Detailed explanation should be amended in parts: The 2008 PET can use the current and previous years annual exemption. Total £6,000. The 2010 PET can use the current and previous years annual exemption. Total £6,000. The gift to his friend in 2011 is also a PET but no exemptions are available. On death the PETs in 2008, 2010 and 2011 of £69,000, £62,000 and £1,500 use up £132,500 of the Nil Rate Band leaving (£325,000 - £132,500) £192,500 to be used against the estate on death.
New version : J01CalcWkbk010910v3
27 September 2010: Page 23, Section 1, Answer to Question 1 should read : 31 January 2011, 31 July 2011, 31 January 2012. All payments are due on the 31st of the month. The first payment on account is made in the January during the tax year concerned, so for the tax year 6 April 09 to 5 April 10, this is January 2011. The second payment on account is made in the July following the end of the tax year concerned, so for the tax year 6 April 10 to 5 April 11, this is July 2011. The final balancing payment is made in the following January, so for the tax year 6 April 10 to 5 April 11, this is January 2012.
27 September 2010: Page 25, Section 1, Answer to Question 3 should read : 31 January 2011, 31 July 2011, 31 January 2012. 4th para of detailed explanation should read 'Balancing payment due on 31st January following the end of the tax year concerned. As Mrs. White’s tax bill for the 2010/2011 tax year is less than that for the 09/10 tax year she has now paid too much tax. ' 5th para of detailed explanation should read 'The overpayment that she has made will reduce the payment on account that is due for the 2011/12 tax year....'
27 September 2010: Page 42, Section 3, Answer to Question 3 : Last two entries in table should show 'Less £13 x 1.6% = £0.21, giving total £70.58'. Last para of detailed explanation should read 'For earnings between the Lower Earnings Limit (LEL - £97) and the primary contribution threshold (£110) a rebate is given of 1.6%. £110 - £97 = £13. £13 x 1.6% = £0.21 The rebate is deducted from the full contribution.
27 September 2010: Page 42, Section 3, Answer to Question 4 : Last two entries in table should show 'Less £13 x 3.7% = £0.48, giving total £73.02'. Last para of detailed explanation should read 'For earnings between £95 (LEL) and the primary contribution threshold of £110, a rebate is given of 3.7%. £110 - £97 = £13. £13 x 3.7% = £0.48. The rebate is deducted from the full contribution.
27 September 2010: Page 42, Section 3, Answer to Question 5 : Last two entries in table should show 'Less £13 x 1.4% = £0.18, giving total £80.18'. Last para of detailed explanation should read 'For earnings between £95 (LEL) and the primary contribution threshold of £110, a rebate is given of 1.4%. £110 - £97 = £13. £13 x 1.4% = £0.18. The rebate is deducted from the full contribution.
New version : J01CalcWkbk010910v2
J04 CALCULATION WORKBOOK 2010/11
8 February 2011: Page 9 : Section C, Question 2 : Last sentence in 2nd para should read 'In the tax year 2008/09, her lump sum contribution was £24,000, £23,000 in 2007/08 and £22,000 in 2006/07.'
8 February 2011: Page 36 : Section C, Answer to Question 2 : Amend 'Average irregular inputs from 2006/07 to 2008/09 = £22,000 + £23,000 + £24,000 /3 = £23,000'
New version : J04CalcWkbk010910v3
5 October 2010: Page 37 Section D Answer to Q1 : Amendments to last two calculations : PCLS is 25% x £1,150,000 = £287,500. (£1,400,000 - £1,150,000) = £250,000
5 October 2010: Page 57 Section Q Learning Point : Final sentence should read 'Tax is charged at the rate of 20% up to £20,000 and 50% on the excess above this figure'
New version : J04CalcWkbk010910v2
J06 CALCULATION WORKBOOK 2010/11
21 September 2010: Page 35, Section 27, Question 2 should read "If £50 was invested at the beginning end of each year for 10 years at an interest rate of 4%, calculate the future (accumulated) value after ten years with interest paid in advance". Answer should include '-1' at end of forumulae to indicate interest paid in advance. Final answer will therefore be 624.38.
New version : J06CalcWkbk010910v2
R01 MOCK PAPER TASTER SET 2010/11
2 February 2011: Question 16 : Amend option C to read "a cash sum and/or income for a set period"
New version : R01Free010910v2
17 December 2010: Question 2 : Answer should read D
17 December 2010: Question 14 : Option D should read 'A factfind would not be relevant for execution only'
New version : R01Free010910v1
6 July 2011: Q46: change answer A to: Financial Ombudsman Service and Financial Services Compensation Scheme fees 6 July 2011: Q46: change answer A to: Financial Ombudsman Service and Financial Services Compensation Scheme fees New version : R01Set1010910v5 26 May 2011: Q35: change to 35. Which FSA statutory objective was added as a result of the Financial Services Act 2010? A.Public Awareness, B.Financial Stability, C. Consumer Protection, D. Reduction of Financial Crime, also answer reference should be amended to B (not B2) New version : R01Set1010910v4 4 January 2011: Question 1 : Option C should read '....but one that insurers will take in return....' 4 January 2011: Question 11 : Option D should read '.... cover plan could be lower....' 4 January 2011: Question 47 : Question should read '.... to determine their capital requirements?' 4 January 2011: Question 67 : Question should read '.... legal status between an IFA and a....' 4 January 2011: Question 95 : Option D should read 'Term assurance' 4 January 2011: Question 26 : Answer should read D 4 January 2011: Question 89 : Answer should read A B C F New version : R01Set1010910v2 18 January 2011: Answer to Question 92 should read 'A D E' New version : R01Set2010910v3 4 January 2011: Question 4 : Question should read '.... regarding the provision....' 4 January 2011: Question 17 : Option C should read 'Mrs Evans remaining nil rate band = 83.33%, so total nil rate band available = £595,823 ....' 4 January 2011: Question 33 : Question should read '....can a firm NOT contract out....' 4 January 2011: Question 93 : Option D should read 'Details of any....' 4 January 2011: Question 89 : Answer should read A B E F New version : R01Set2010910v2 8 July 2011: Q45: amend answer C wording to; ...a firm has permission to advise on "and" the income. Q40 - Q44 (inc) amend reference in answer section from 5:1 to 5:2. Q38: answer A amend to risk "identification....". Q8: change question wording to: Which of the following statements regarding Structured and Unstructured loans is not true? Change answer A wording to; Structured loans are viewed as lower risk than unstructured New version : R01Set3010910v6 4 July 2011: Due to changes in the CII study text; Q67 changed to What is Money Advice Service (MAS)? and answer A changed to; A website and telephone service providing free and independent information for consumers needing practical money advice New version : R01Set3010910v5 18 January 2011: Question 11 : Option B should read 'B. Short-term = up to 5 years, medium-term = 5 - 15 years, long-term = 15 years +' 18 January 2011: Question 14 : Option D should read 'The right or an obligation to buy...' 18 January 2011: Question 57 : Option B should read 'A firm (other than a life office, friendly society or bank) who ....' 18 January 2011: Question 74 : Question should read 'Which of the following is NOT normally one of...' New version : R01Set3010910v3 4 January 2011: Question 47 : Question should read '.... FSA to overhaul....' 4 January 2011: Question 70 : Option C should read 'Fund suitability' 4 January 2011: Question 97 : Option D should read 'Best execution involves....' 4 January 2011: Question 88 : Answer should read B C D F, cross-reference should read Chapter 6 Section A2 4 January 2011: Question 88 : Option E should read 'Overseas person' New version : R01Set3010910v2 4 July 2011: Due to changes to the CII study text : Section 8: Advice Framework - Moneymadeclear is replaced with Money Advice Service (MAS) New version : R01StudyNotes010910v4 22 March 2011: Section 5, page 16: FSA's 4 Statutory Objectives are now; 1: Market confidence, 2: Consumer protection, 3: Reduction in financial crime, 4: Financial Stability New version : R01StudyNotes010910v3 R02 MOCK PAPER TASTER SET 2010/11 4 April 2011: Q19; change answer B to: At least 30% of the VCTs qualifying holdings by value must be in ordinary, non-preference shares New version : R02Free010910v2 12 May 2011: Q42: change answer B to: Withdrawals from bonds in excess of 5% will not affect a taxpayer’s eligibility for Child Tax Credit (CTC) New version : R02Set1010910v3 4 May 2011: Question 72 Answer A; should read preference shares and not performance shares New version : R02Set1010910v2 6 May 2011: Q36, changed answer D to Strong economic activity New version : R02Set2010910v4 4 May 2011: Question 37 - answer should be D New version : R02Set2010910v3 22 March 2011: Q68: changed question to "What characteristics would you associate with fixed interest securities?" New version : R02Set2010910v2 R02 STUDY NOTES TASTER SET 2010/11 28 June 2011: Page 5: NS&I guaranteed growth bonds; interest paid net of 20% tax New version : R02StudyNotesTaster010910v4 13 June 2011: Due to changes to the CII study text : Section 1 Part 1: page 5 - NS&I index-linked & Fixed Interest Savings certificates re-launched, so remove "no current issues" and replace with "5 year term" for both certificates New version : R02StudyNotesTaster010910v3 6 May 2011: Section 1, page 4; FSCS limit amended to £85,000 New version : R02StudyNotesTaster010910v1 28 June 2011: Page 5: NS&I guaranteed growth bonds; interest paid net of 20% tax New version : R02StudyNotes010910v4 13 June 2011: Due to changes to the CII study text : Section 1 Part 1: page 5 - NS&I index-linked & Fixed Interest Savings certificates re-launched, so remove "no current issues" and replace with "5 year term" for both certificates New version : R02StudyNotes010910v3 6 May 2011: Section 1, page 4; FSCS limit amended to £85,000 New version : R02StudyNotes010910v2 R03 MOCK PAPER TASTER SET 2010/11 23 March 2011: Q9; amend question to "Two associated companies each have a profit of £175,000 in the financial year 2010. What is the marginal rate of corporation tax applicable for each? And change answer to C. New version : R03Free010910v3 18 March 2011: Question 10 - ammended date from 14 May to 14 May 2010 for clarity New version : R03Set1010910v3 11 February 2011: Question 5 should read '...£1,500 per annum and non-savings taxable income of £25,000...' New version : R03Set1010910v2 9 May 2011: Q27: amend answer D for clarity to: Sue, resident & ordinarily resident in the UK wishing to invest on a regular basis New version : R03Set2010910v3 25 February 2011: Answer to question 34 should read A. New version : R03Set2010910v2 16 February 2011: Question 20 Option D should read 'Class 2 NICs' New version : R03Set3010910v3 26 January 2011: Answer to Question 27 should read 'A' 26 January 2011: Answer to Question 37 should read 'BCE' 26 January 2011: Answer to Question 38 should read 'ABCDF' New version : R03Set3010910v2 R03 CALCULATION WORKBOOK 2010/11 25 May 2011: Section 6: question 6, (page 79) chargeable gain should read £13,605 - rest of calculation is correct New version : R03CalcWkbk010910v6 6 May 2011: Section 3 Capital Gains Tax; Q1 add "Mr Poole’s taxable earnings for the year are £30,500" to the question on pages 12 and 46. On the answer section (page 46) amend CGT calculation; Basic rate band remaining (£37,400 - £30,500) is £6,900
£6,900 @ 18% = £1,242
£20,400 - £6,900 = £13,500 @ 28% = £3,780
Total CGT = £5,022 6 May 2011: Section 3 Capital Gains Tax; Page 46: amend bottom of detailed explanation section to: "The gain, after deduction of the annual exemption is treated as the top slice of income, any part of the gain that is in the basic rate is taxable at 18% and the rest is taxable at 28%." New version : R03CalcWkbk010910v5 11 April 2011: Q4 Section 3 (page 46) added "assuming Miss Owen is a basic rate taxpayer" to the final line of the answer. 11 April 2011: Q5 Section 3 (pages 13 & 50); add Mr Bell has no taxable income to the last line of the question. Within the answer section (page 50) amend the CGT calculation on the holiday home to; Holiday Home gain taxed at 18% & 28%; £37,400 x 18% = £6,732, £55,700 - £37,400 = £18,300 x 28% = £5,124. 11 April 2011: Q6 Section 4 (page 52) add to the detailed explanation: The value of the “chattel” at disposal exceeds £6,000 at disposal, so check against the chattel rule; (excess gain over £6,000 x 5/3) so the maximum chargeable gain would be £20,000 x 5/3 = £33,333. Mrs Bennet’s gain is below this figure. New version : R03CalcWkbk010910v4 23 March 2011: Income Tax Q8 (page 33) amended to Building society interest divided by 0.8. CGT Q3; (page 48) include "As the gain was made after 23 June 2010" to the sentence "the relief covers the first £5,000,000 of qualifying gains made during their lifetime and this gain is taxed at 10%", and change Gains in excess of £1,000,000 to gains in excess of £5,000,000. CGT Q4 (page 49) changed gain made on sale of "car" to gain made on sale of "property". CGT Q6 (page 61) within the answer section, changed "Gifts in 2010 - PET, can use current and previous years annual exemptions, total £6,000, PET is £62,000. (page 62) change already applied to PETs figure to £132,500 to leave nil rate band remaining as £192,500, then use this figure in the next calculation for "less nil rate band remaning" to leave £7,500 as the taxable estate. This means IHT payable is £7,500 x 40% = £3,000. then change gifts made to daughter in 2007 (not 2008) and his grandaughter in 2008 (not 2009). New version : R03CalcWkbk010910v3 8 February 2011: Page 35 : Section 1 Answer to Question 10 : Two lines have been added to the second table to deduct tax deducted at source of 210.00 for savings and 288.89 for dividends. Tax payable is 2,385.80 New version : R03CalcWkbk010910v2 R03 STUDY NOTES TASTER SET 2010/11 17 May 2011: Page 5: under Grossing up, should read divide by 0.9 New version : R03StudyNotesTaster010910v1 16 May 2011: page 5: under Grossing up, should read - higher taxpayers have additional liability (remove the % symbol), page 6 under heading "Charitable gifts - should read basic rate tax (20%) New version : R03StudyNotesTaster010910v1 3 June 2011: Section 7: Page 30: Due to a recent correction to the CII R03 study text, in our study notes under 'Rates' - change to; Stamp duty is rounded to the nearest £5, whilst SDRT is rounded up or down to the nearest penny. Stamp duty transactions of less than £1,000 are exempt New version : R03StudyNotes010910v4 17 May 2011: Page 5: under Grossing up, should read divide by 0.9 New version : R03StudyNotes010910v3 16 May 2011: Page 5: under heading "grossing up" should read; Higher rate taxpayers have additional liability (remove % symbol), Page 6: under heading "Charitable Gifts" 1) Gift Aid - should read "basic rate tax (20%)" - not just % in the bracket, page 8: under heading "Benefits wholly/largely exempt under point 4) should read: 4) (max £50 per year of service), page 30: under heading "Stamp duty and stamp duty reserve tax - rate shoud read 0.5%. page 36 - under heading investment trusts - shareholders was spelt incorrectly (remove the 3 in the middle of the word), New version : R03StudyNotes010910v2 16 June 2011: Q42: change answer D to "Nigel is a controlling director", and amend answer E to "other schemes he has NOT relating to this employment are disregarded" New version : R04Set2010910v2 26 July 2011: Q37: change answer C to £5,800 New version : R04Set3010910v3 17 June 2011: Q37: change answer C to £3,800 New version : R04Set3010910v2 R04 CALCULATION WORKBOOK 2010/11 24 February 2011: Section 3 Question 1 should read 'Elizabeth is due to retire from her defined benefit pension scheme after 22 years service at the normal scheme pension age of 65. Her final salary is £38,000 and the scheme is a 1/80ths scheme. What pension can Elizabeth expect to receive?'. This then matches the question stated in the answer section. New version : R04CalcWkbk010910v4 10 February 2011: Page 60 : Section 4, Answer to Question 4 : The Answer should read 'Deidre will receive a lump sum of £1,822,500 after paying the lifetime allowance charge.' Final two calculations in Detailed Explanation should read '£50,000 x 55% = £27,500 £1,850,000 - £27,500 = £1,822,500' New version : R04CalcWkbk010910v3 8 February 2011: Page 7 : Section 1, Question 7 : Question should read '...Her contributions over the past 3 tax years have been; 2008/09 - £24,000 2007/08 - £23,000 2006/07 - £22,000'. 8 February 2011: Page 28 : Section 1, Answer to Question 7 : Question should read '...Her contributions over the past 3 tax years have been; 2008/09 - £24,000 2007/08 - £23,000 2006/07 - £22,000'. Amendment to detailed explanation '...Average irregular inputs from 2006/07 to 2008/09 ...' 8 February 2011: Page 46 : Section 3, Answer to Question 1 : Should read 'Elizabeth can expect to receive an annual pension of £10,450'. Last line of detailed explanation should read '22 ÷ 80 x £38,000 = £10,450 per annum' 8 February 2011: Page 47 : Section 3, Answer to Question 2 : Should read 'Elizabeth’s PCLS would be £31,350 and her reduced pension would be £8,360'. Final entry in detailed explanation should read '£10,450 - £2,090 = £8,360' 8 February 2011: Page 64 : Section 5, Answer to Question 3 : Second to last line of detailed explanation should read 'Maximum income = £37,400 x 120% = £44,880' 8 February 2011: Page 74 : Section 6, Answer to Question 3 : First line of detailed explanation should read '...a weekly income of £1 per....' New version : R04CalcWkbk010910v2 27 April 2011: Page 8 benefit crystalisation events, add; 5a) test at age 75 for unsecured pension – market value of unsecured pension at age 75 (less market value of that designated for unsecured pension at outset), page 35 under other state benefits amend Un-indexed increase at age 80 – 25p per week (it was £25 per week) New version : R04StudyNotes010910v2 13 January 2011: Question 19 : Answer should read D New version : R05Set1010910v3 13 December 2010: Question 11 : Option A should read 'Voluntary assignments for no consideration' 13 December 2010: Question 44 : Answer should read B New version : R05Set1010910v2 13 December 2010: Question 6 : Answer should read B 13 December 2010: Question 15 : Answer should read B 13 December 2010: Question 18 : Change option D to 'Capital gains tax at 10%' New version : R05Set2010910v1 13 June 2011: Q19; change answer B to read: Taper relief reduces the value of the gift to £192,000, thus leaving a reduced nil rate band of £133,000 New version : R05Set3010910v3 13 December 2010: Question 13 : Answer should read C 13 December 2010: Question 14 : Re-worded to 'The premiums and / or sums assured under reviewable term and whole life policies may be
increased at each review. Which of the following factors would not be taken into account when making any changes?' 13 December 2010: Question 16 : Re-word option C to 'Where the non-disclosure was deliberate' 13 December 2010: Question 19 : Re-word option B to 'The nil rate band available against his estate would be reduced by £240,000' 13 December 2010: Question 25 : Re-word question to 'Christopher, a doctor, has taken out an income protection policy to insure against the
costs of employing a locum if he is ill, therefore the premiums qualified as a deductible business expense. How will the benefits he receives on a claim be paid and treated in relation to taxation?' 13 December 2010: Question 44 : Answer should read C New version : R05Set3010910v2 29 June 2011: Exam tips; changed notes under Timing section, question number and time remaining are shown at the bottom of the screen New version : R05StudyNotes010910v4 25 May 2011: Page 11: Should read "Trust; legal arrangement where one party (settlor)"... New version : R05StudyNotes010910v3 2 February 2011: Section 9 : 6th para should read "Tax; no tax relief on premiums or taxation on benefits…" New version : R05StudyNotes010910v2 R06 CASE STUDY WORKBOOK 2010/11 9 May 2011: Paper 2 Case Study 1: Page 28 Geoff Walker income tax calculation; remove pension contribution which makes taxable income £28,525, tax @ 20% makes tax payable £5,705. Similarly for Beverley, remove pension contribution to make taxable income £13,525 to make tax payable £2,705. In the net income calculation, Geoff's tax figure is £5,705 leaving a net income of 26,074.12 and Beverley's tax figure is £2,705 leaving a net income of £16,027.40. The total net income now reads "42,101.52 less outgoings 33,840 = £7,301.52". Uunderneath the calculation is Nb. Outgoings £30,000 + £3,840 pension contributions New version : R06Wkbk010910v7 23 March 2011: Paper 3, case study 1,question (page 14) CGT disposals; changed May 2009 to May 2010, August 2009 to August 2010, October 2009 to October 2010 and January 2010 to Janaury 2011. Answer (page 37): updated CGT payment date to 31/01/12 23 March 2011: Please see entry for 9 May 2011 above. New version : R06Wkbk010910v6 21 February 2011: Amendment to Answer for Paper 1, Case Study 2, Question 2e). 3rd row, 1st column should read 'Access limited to between ages 55-75'. 4th row, 2nd column should read '...contributions £10,200 per per individual per tax year into an Equity ISA OR up to £5,100 into a Cash ISA with the balance into an Equity ISA' New version : R06Wkbk010910v3 21 September 2010: Page 6, Paper 1 Case Study 1, 4th paragraph : To clarify, please replace '25% bonds' with '25% fixed interest' 21 September 2010: Page 16, Paper 3 Case Study 2 : Amend asset split to 'Equities 70%; Fixed interest 10%; Property 10%; Cash 10%' 21 September 2010: Page 33, Paper 2 Case Study 2, Answer to Q c)i) should read "£16,439 would need to be invested today to achieve desired result at 4%" 21 September 2010: Page 43, Paper 3 Case Study 2, Answer to Q f) should read: • Transfer some deposit monies to Jennifer
• Jennifer is a basic rate taxpayer and will only pay income tax at 20% as opposed to Stuart paying 40% on all savings income
• Salary sacrifice by Stuart to save tax and NI with more going into his pension
• Pension contributions for both ...
• ... to receive tax relief at highest marginal rate
• Use ISA allowances annually for both of them
• Utilise CGT allowances for both – be aware of potential costs / charges
• Transfer shares into Jennifer’s name
• Jennifer is a basic rate taxpayer and will only pay income tax at 10% as opposed to Stuart paying 32.5% on all dividend income
• Stuart could pay into EIS or VCT scheme to receive tax relief ...
• ... paid as a tax reducer to reduce his final tax bill
• EIS scheme could be carried back one year to reduce previous year’s tax bill New version : R06Wkbk010910v2 CeFA/CeMAP MODULE 1 MOCK PAPER SET 2 2010/11 11 May 2011:Section 2 Q50 change answer to A (FSCS limits have changed) New version : CeFACeMAP1Set2010910v2 CeFA/CeMAP MODULE 1 AUDIO F - NI AND SOCIAL SECURITY BENEFITS 2010/11 9 March 2011:Updates document released relating to changes made to the CII version of the study text on 18/1/11. Download at https://www.mcssl.com/content/120283/201011Updates/CF1CeFA1CeMAP1AudioFUpdatev1.pdf New version : CF1CeFA1CeMAP1AudioFUpdatev1 CeFA/CeMAP MODULE 1 AUDIO G - THE FSA 2010/11 9 March 2011:Updates document released relating to changes made to the CII version of the study text on 18/1/11. Download at https://www.mcssl.com/content/120283/201011Updates/CF1CeFA1CeMAP1AudioGUpdatev1.pdf New version : CF1CeFA1CeMAP1AudioGUpdatev1 CeFA 2 MOCK PAPER SET 1 2010/11 10 February 2011: Principles of Investment : Q15 : Answer should read B 10 February 2011: Principles of Investment : Q40 : Answer should read A New version : CeFA2Set12010110v2 CeFA 2 MOCK PAPER SET 2 2010/11 10 February 2011: Principles of Investment : Q6 : Answer should read A 10 February 2011: Investment Products : Q16 : Answer should read B 10 February 2011: Investment Products : Q34 : Answer should read D New version : CeFA2Set22010110v2 7 October 2010: Question 28 : Question updated to read : If an insurer invokes the cancellation condition on a general insurance policy, how many days notice must they give? a. 10 days b. 14 days c. 30 days d. The period of notice can vary New version : IF1Set2010110v3 22 January 2010: Question 98 : Answers updated to reflect changes in definition of an eligible complainant. New version : IF1Set2010110v2 9 March 2011: Question 80 : Replace option C with 'Consumer protection' 9 March 2011: Question 96 : Replace option B with 6% New version : IF1Set3010110v3 22 January 2010: Question 98 : Answers updated to reflect changes in definition of an eligible complainant. New version : IF1Set3010110v2 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. 8 December 2010 : Question 34 : Answer should read D New version : IF3Set1010110v2. 22 April 2010 : Question 29 : Answer should be A. Question 31 : Answer should be A. New version : IF4Set1010109v2. 5 July 2011 : Due to changes in the CII study text; Q11 change answer D to "Cover in respect of third party property damage has a higher limit under a Third Party Only policy than a Road Traffic Only policy" New version : IF4Set3010109v2.
