The Technical Quiz

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


Question one

Derek dies leaving behind him various assets. Which of these assets would pass automatically to his spouse, Ann? 

A) A holiday home owned as tenants in common with Ann

B) A bank account in his sole name but from which all joint bills have been paid

C) The main family home, owned as joint tenants with Ann

D) A joint life first death policy on the lives of them both with the assured being Derek alone


Question two

If Derek died in May 2015 at the age of 78, what tax would apply to a lump sum paid from his crystallised pension?

A) 45 per cent

B) 35 per cent

C) 20 per cent

D) The recipient’s highest marginal rate


Question three

Jack and Diane have taken out a £200,000 joint life first death term assurance policy and each has no other life cover. What is the main disadvantage of this route rather than their each having separate term assurance policies? 

A) The policy could not be written in trust

B) The survivor would be left with no life cover

C) Premiums would be more expensive than for two single life plans

D) The policy could not be used for IHT planning


Scroll down for answers…

















1) C

2) A

3) B




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