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The Technical Connection Quiz: 16 January

To help you to keep up with the fundamentals of tax, retirement and financial planning, try answering these questions.

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The following questions all relate to fixed protection 2014.

QUESTION 1

Which one of the following is able to make an election for fixed protection 2014:

A) Andrew who has a valid election for enhanced protection and intends to retain this beyond 5 April 2014

B) Brian who has a valid election for  primary protection and intends to retain this beyond 5 April 2014

C) Charles whose only pension rights are currently held in a Qrops and will continue to be held there beyond 5 April 2014

D) David whose only pension rights are currently held in a Qnups and will continue to be held there beyond 5 April 2014

QUESTION 2

The deadline for making a valid election for fixed protection 2014 is:

A) 5 April 2014

B) 6 April 2014

C) 5 April 2017

D) 6 April 2017

QUESTION 3

An application for fixed protection 2014 can be made:

A) Online only

B) Online and in writing using the prescribed form APSS228 only

C) Online, in writing using the prescribed form APSS228 or by letting containing the prescribed information only

D) Online, in writing using the prescribed form APSS228, by letting containing the prescribed information only or by phoning HMRC dedicated election line only

QUESTION 4

Where HMRC has refused to accept an election for fixed protection 2014 it is possible to appeal against this decision. There are a number of factors that the appeal tribunal will consider when deciding if HMRC was entitled to refuse to accept the notice. Which one of the following is unlikely to be a valid reason?

A) did not contain accurate valuations of the member’s pension rights

B) did not contain the required information

C) was not on the prescribed form

D) was not received by HMRC on or before the deadline

QUESTION 5

Any individual undergoing a benefit crystallisation event on or after 6 April 2014, wishing to rely on an election for fixed protection 2014, will have to provide the scheme administrator with the HMRC certificate

A) A minimum of 30 days prior to the date of the BCE to allow the scheme administrator to the confirm the validity of the certificate with HMRC

B) On or before the date of the BCE

C) Within a period not exceeding 30 days of the date of the BCE

D) Within a period not exceeding 30 days of the date of the BCE

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 C
2 A
3 B
4 A
5 B

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