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The Technical Quiz: 25 September

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

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Question one

Brown, Black & Co is a two person partnership in London, and is about to take out £150,000 of key person cover on the life of sales manager Diane. How would the policy normally be effected?

A) The partnership would take out the policy on Diane’s life

B) Diane would take out a policy on her own life, then assign it to the partnership

C) One of the partners would take out the policy on Diane’s life, in trust for the partners for the time being

D) The partnership and Diane would take out the policy jointly

Question two

Jack is 62 and will have a 28-year National Insurance contribution record when he reaches his state pension age. His shortfall stems from the fact he worked abroad for 21 years from 1971. Can he bring his state pension up to the full level?

A) Yes, by keeping working for another two years after state pension age

B) Yes, by paying two years of Class 3 contributions

C) Yes, by paying double of Class 1 contributions for the next two years

D) No, he cannot, because his missed contributions are more than six tax years ago

Question three

Director’s share protection arrangements help combat the risk that:

A) The company will have to be dissolved on the death of a director

B) The shares belonging to a deceased director will be liquidated, potentially exposing surviving directors to risk

C) The surviving directors will be sued for wrong-doing on the part of a deceased director

D) A deceased director’s shares will pass to someone who has no interest in running the company

Questions supplied by CPD Centre.

Answers

1) C

2) B

3) D

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