View more on these topics

The Technical Quiz: 26 February

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

MM-CPD-Centre-700.png

Question one

Ned and Fiona, who are in their late 20s, live in a flat they rent jointly. They are both working and each earn about £35,000 a year. They are not yet thinking of having children. What sort of protection insurance are they likely to need now? 

A) Certainly critical illness cover and possibly income protection insurance, but almost certainly not life assurance.

B) Certainly life assurance and possibly income protection insurance, but almost certainly not critical illness cover.

C) Certainly life assurance and possibly critical illness cover, but almost certainly not income protection insurance.

D) Certainly income protection insurance and possibly critical illness cover, but almost certainly not life assurance.

 

Question two

Jack is 62 and will have a 28 year NIC contribution record when he reaches his SPA. His shortfall stems from the fact the he worked abroad from 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 SPA

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

What is the main difference between Scotland and England in terms of valuing pension benefits on divorce? 

A) In Scotland, only benefits accrued after age 21 are considered

B) In Scotland, only benefits accrued during the marriage are considered

C) In Scotland, all benefits accrued are considered, even those arising before the marriage

D) In Scotland, the value of the pension commencement lump sum is ignored

 

Scroll down for answers…

 

 

 

 

 

 

 

 

 

 

 

 

 

Answers

1) D

2) B

3) B

Recommended

Bellamy-David-2012-700x450.jpg
16

SJP moves into banking as distribution arm posts £11m loss

St James’s Place has announced it is launching a banking service powered by Metro Bank, as its distribution arm posts a £10.9m loss for 2014. In its annual results, published today, the wealth manager says it is to introduce a “fully functional” banking service, allowing clients to pay in cheques and use debit cards, and […]

Graeme-Robb-Prudential-MM-Peach-350.png

Case study: The new normal

How and when should advisers recommend clients utilise the ’normal expenditure out of income’ exemption?

HMRC-Tax-Form-700x450.jpg

HMRC reaches deal to share Falciani tax dodging data

HMRC has reached a deal with French authorities to allow it to share evidence from a whistle-blower regarding tax evasion between 2005 and 2007. The UK tax authority initially said it couldn’t share Swiss data with any other UK body than the Crown Prosecution Service, and could only use the information for “tax purposes”. However, […]

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