Guide to Estate Planning - Second Edition - Feedback & CPD

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Your Details & Feedback

Feedback helps us improve the content and reader experience of our Guides and Reports

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CPD Questions

In order to test your knowledge and obtain a CPD certificate readers must complete this short test

1. Which of the following is NOT true in relation to holdover relief?*

A. A joint claim for the relief must be submitted by both transferor and transferee B. If granted, the relief allows the chargeable gain to be postponed until the transferee disposes of the asset C. The relief only applies to a chargeable gift of business assets D. The gain falls upon the transferee at the time of their disposal of the transferred asset

2. How many hours of CPD is a pension transfer specialist now required to do per year in addition to any other CPD undertaken by the adviser? *

A. 15 hours B. 35 hours C. 10 hours D. None

3. Thanks to changes in the 2020 Finance Act incorporating new wording into the Inheritance Tax Act 1984, which of the following is now clarified in law?*

A. HMRC can look through non-situs structures such as companies and excluded property trusts for IHT purposes, where UK assets are held within those structures. B. Excluded property trusts are usually discretionary C. Non-UK domiciled settlors cannot create an excluded property trust D. A deemed domiciled individual can not settle further excluded property on an excluded property trust

4. What are the four key drivers that may increase vulnerability identified by the FCA?*

A. Health, life events, resilience and capacity B. Health, life events, resilience and capability C. Health, support, resilience and capability D. Health, life events, suitability and capacity

5. Which of the following does NOT apply to the Approved Knowledge Intensive EIS Fund (KIF)?*

A. At least 50% of capital must be invested within 12 months of the fund closing date B. No single company must receive more than 25% of the capital the fund invested C. Up to 20% of the KIF’s capital may be invested into non knowledge Intensive Company EIS qualifying companies D. The fund must invest in at least 4 companies

6. Which of the following does NOT apply to Venture Capital Trusts?*

A. The permitted maximum investment amount is £200,000 p.a B. VCT investment can be made via an ISA C. 100% income tax relief on dividends from VCT shares is not available for VCT shares purchased on the secondary market D. VCTs can invest in AIM quoted or unquoted shares

7. Which of the following is an unauthorised pension payment?*

A. Death benefits B. Genuine errors C. Scheme administration payments D. Benefit payments paid to someone other than the member

8. In relation to the probate process, which of the following is correct?*

A. HMRC can ask to see certain records pertaining to the valuation of the estate up to 20 years after inheritance tax has been paid. B. Any authorised or licensed accountancy, financial advisory or legal firm can undertake contentious probate cases C. A client cannot nominate their financial adviser as one of their executors D. In the event that there is no will and the individual has no living relatives, the Probate Registry decides what happens to the estate

9. What does the FCA NOT expect its new rules on climate-related disclosure to achieve?*

A. Enhance market integrity B. Protect consumers C. Support competition in the interests of consumers D. Override existing disclosures required under the Market Abuse Regulation

10. Which of the following is NOT TRUE in relation to retirement pathways, once implemented?*

A. They are intended to force the client to decide what they want to do with their money once they can access it at age 55 B. Under the retirement pathways legislation, a pension drawdown client will no longer be allowed to hold drawn down funds in cash C. A client must choose one of the retirement pathways options provided in order to access their tax-free cash, although they do not have to accept the investment solution offered D. Any adviser making a personal recommendation to a drawdown client will first have to consider the pathways before selecting any other investments

11. What is the maturity sum of a temporary fixed-term annuity?*

A. Original temporary annuity purchase price + growth - income payments made B. Original temporary annuity purchase price - income payments made C. Original temporary annuity purchase price + growth - income payments made - a fee for each year of the annuity D. Original temporary annuity purchase price + growth - income payments made + uplift for latest annuity rates

12. By 2047, how many UK adults are expected to be receiving an inheritance per year?*

A. 1 million B. 500,000 C. 1.5 million D. 2 million