View more on these topics

The Technical Quiz: 5 December

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

The following questions all relate to deeds of variation.


For a deed of variation to be effective which of the following must not apply?

A) It must be in writing

B) It must be executed within two years

C) Contain a statement that the provisions of s142 of the Inheritance Tax Act 1984 is intended to apply

D) It must be made for consideration


How long does someone have to enter into a deed of variation?

A) Two years from date of death

B) Two years from notifications of death

C) Two years from the date the administration of the estate is complete

D) Two years from grant of probate/issue of letters of administration


Where the provisions of a will trust are to be subject to a deed of variation, who must agree to the variation?

A) The executors

B) The executors and trustees

C) The beneficiaries

D) The executors, trustees and beneficiaries


What is the main reason someone would choose to execute a deed of variation?

A) To enable the person making the variation to be able to benefit from the varied assets

B) To achieve an immediate inheritance tax saving

C) To make a gift

D) To speed up the administration of the estate


Beneficiary inherits shares. The shares increase in value and the beneficiary decides to execute a deed of variation. Will capital gains tax be payable?

A) No, not in any circumstances

B) Yes, because the beneficiary is treated as making a disposal

C) No, provided the variation contains a statement that s.62(6) Taxation of Chargeable Gains Act 1992 is intended to apply

D) No, provided the variation takes place within two years



1 D
2 A
3 C
4 B
5 C



AS 2013: George Osborne’s difficult decisions

In case you missed this morning’s Autumn Statement, a summary of George Osborne’s speech can be put as follows: Thanks to the coalition Government, the economy is growing and is in the best shape it has been in for ages, but we’re still cutting spending. The buzz phrase of the speech was “difficult decisions” but […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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