View more on these topics

The Technical Connection Quiz: 13 February

The-Technical-Quiz-700.jpg

The following questions all relate to Individual Protection 2014 and are all based on the drafts of legislation published as a part of the Autumn Statement.

QUESTION ONE

An election for individual irotection 2014

A) Must be made on or before 5 April 2014

B) Can be made at any time between 6 April 2014 and 5 April 2015 inclusive

C) Can be made at any time between 6 April 2014 and 5 April 2016 inclusive

D) Can be made at any time between 6 April 2014 and 5 April 2017 inclusive

QUESTION TWO

Which one of the following statements is incorrect?

A) An election for Individual Protection can be made by an individual who has a valid election for Enhanced Protection.

B) An election for Individual Protection can be made by an individual who has a valid election for Primary Protection.

C) An election for Individual Protection can be made by an individual who has a valid election for Fixed Protection 2012.

D) An election for Individual Protection can be made by an individual who has a valid election for Fixed Protection 2014.

QUESTION THREE

Application for individual protection 2014

A) Must be made using the form APSS240 and submitted either on-line or in printed form.  Anyone can submit the application on behalf of the taxpayer.

B) Must be made using the form APSS240 and submitted either on-line or in printed form.  The application can only be made by the taxpayer.

C) Must be made on-line using the form APSS240.  Anyone can submit the application on behalf of the taxpayer.

D) Must be made on-line using the form APSS240.  The application can only be made by the taxpayer.

QUESTION FOUR

To be eligible for make an election for individual protection 2014, an individual must have

A) Total UK tax relieved pension savings of £1.25m as at 5 April 2014

B) Total UK tax relieved pension savings of £1.5m as at 5 April 2014

C) Total UK tax relieved pension savings of greater than £1.25m as at 5 April 2014

D) Total UK tax relieved pension savings of greater than £1.5m as at 5 April 2014

QUESTION FIVE

Where an individual has elected for individual protection 2014 and on or after 6 April 2014 incurs an annual allowance charge it will mean that

A) It is not possible for them to elect for “scheme pays” as a means of settling the liability

B) Where they elect for “scheme pays” as a means of settling the liability their “protected lifetime allowance” will be reduced on a £1:£1 basis

C) Where they elect for “scheme pays” as a means of settling the liability their “protected lifetime allowance” will be reduced on a £1:£2 basis

D) Electing for “scheme pays” as a means of settling the liability will have no impact upon their election for Individual Protection 2014

Questions supplied by Technical Connection 

Access full CPD, technical updates and business generation ideas throughTechlink Professional. Go to www.techlink.co.uk and click theContact Us link at the top of the screen and then request your free trial from the drop down menu.

 

 

Answers:

1 D

2 B

3 A

4 C

5 D

 

Recommended

aviva-reception-building-2013-700.jpg

Aviva sets aside redress for payment blunders

Aviva is set to pay hundreds of millions of pounds in compensation to customers to deal with product underpayments affecting around 800,000 people. The insurer has been setting aside money since 2007 to compensate individuals. Aviva says it has already paid out £163m to around 390,000 life insurance policy holders and expects to pay back […]

Technology-People-Moving-Business-Finance-700.jpg

Devon-based advice firm to offer D2C platform

Devon-based Prydis Wealth has launched its own direct-to-consumer platform called Strawberry Invest. The platform is powered by technology from Investment Funds Direct Ltd, which also powers the Ascentric platform. It will charge investors a platform fee of 0.4 per cent on investments up to £50,000, 0.35 per cent to £250,000, 0.2 per cent to £1m and 0.1 […]

Mark-Pearson-MM-Peach-700.jpg

Mark Pearson: Capping charges is fraught with difficulty

Along with everyone else advising in the workplace pensions market, we are waiting for the Department for Work and Pensions to publish the detail following the recent consultation on charging. Although Steve Webb said last week any charge cap will be delayed until April 2015, the Pensions Institute report on the effect of charges within DC […]

Recording sickness absence cover - thumbnail

White paper — recording sickness absence

The latest figures from the Department for Work and Pensions illustrate that sickness absence is still a major cost to businesses, with an annual bill for sick pay and associated costs to employers of £9bn. This paper from Jelf Employee Benefits looks at the importance of recording sickness absence for any employee health strategy and how this can be carried out in an efficient manner to reduce absence, improve employee engagement and drive up profits.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com