The Technical Quiz: 19 March

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


Question one

Under the Pensions Act 2014, when will S2P be merged in a flat rate pension? 

A) 2016

B) 2017

C) 2025

D) 2030

Question two

What is the difference in tax treatment between an expression of wish and a nomination for lump sum death benefits under a DB scheme? 

A) A nomination would result in a 55 per cent tax charge, whereas an expression of wish would not

B) An expression of wish would result in a 55 per cent tax charge, whereas a nomination would not

C) An expression of wish could result in an IHT tax charge, whereas a nomination would not

D) A nomination could result in an IHT tax charge, whereas an expression of wish would not


Question three

Alan purchased a residential property in the UK on 1 February 2015 for £360,000. The house is only two years old. What is the amount of SDLT that he will be liable to pay? 

A) £8,000

B) £11,750

C) £10,800

D) £18,000


Question four

Vic has gross income of £50,000 and net disposable income of £40,000. His total life cover is £200,000. In terms of planning this appropriate level of life cover, what is his capital-income ratio? 

A) 1:4

B) 1:5

C) 4:1

D) 5:1

Scroll down for answers…


1) A

2) D

3) A

4) C


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