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R02 > Numbers/Statistics > Flashcards

Numbers/Statistics Flashcards

1
Q

What is the subscription limit of an ISA?

A

£20,000

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2
Q

What is the renewable amount of a guaranteed income/growth bond?

A

£500

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3
Q

What is the minimum amount of investment for a treasury bill?

A

£500,000

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4
Q

How much is SD/SDRT?

A

0.5% (x0.005)

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5
Q

How much is the threshold for stamp duty reserve tax?

A

£1000

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6
Q

How much is the threshold for stamp duty tax?

A

£0

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7
Q

What is the amount of FSCS protection?

A

£85,000

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8
Q

How quickly do the FSCS aim to pay compensation?

A 
7 days
(complex cases) 20 working days
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9
Q

How old do you have to be to have a cash ISA?

A

16

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10
Q

If a parent invests into a Cash ISA for their child (under 18), what is the maximum amount of interest that they can earn before it is deemed income?

A

£100

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11
Q

What is the minimum age to hold a NS&I bond?

A

16

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12
Q

What is the weighted average maturity and weighted average life for a short-term money market fund?

A

Avg maturity: 60 days

Avg life: 120 days

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13
Q

What is the weighted average maturity and weighted average life for a standard money market fund?

A

Avg maturity: 6 months

Avg life: 12 months

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14
Q

What is the nominal value of a bond?

A

£100

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15
Q

What is the DMO definition of gilts?

A

Shorts: < 7 years
Mediums: 7-15 years
Longs: > 15 years

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16
Q

What is the financial press definition of gilts?

A

Shorts: < 5 years
Mediums: 5-15 years
Longs: > 15 years

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17
Q

What is Stamp Duty rounded to?

A

Next multiple of £5

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18
Q

What is Stamp Duty Reserve Tax rounded to?

A

Nearest penny

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19
Q

What is the PTM levy charged at?

A

£1

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20
Q

What is the amount of trade that the PTM levy apply to?

A

All

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21
Q

What is the dividend allowance?

A

£2000

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22
Q

What are the tax rates for dividends?

A

BR: 7.5%
HR: 32.5%
AR: 38.1%

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23
Q

First time buyers pay no SDLT on the first ? of purchase price?

A

£300,000

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24
Q

No relief is available to first time buyers if their property costs what?

A

More than £500,000

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25
Q

What additional SDLT is charged on second properties?

A

3% over £40,000

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26
Q

What are the commercial SDLT rates?

A

< £150,001 = 0%
£150,001 - £250,000 = 2%
> £250,000 = 5%

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27
Q

What is the SDLT on the NPV of rent payable on the lease?

A

0% up to £125k (residential) or £150k (commerical)
1% on NPV above threshold
2% above £5m

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28
Q

What is the tax-free property income allowance?

A

£1000

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29
Q

How many successive quarters have to be declining GDP, for the economy to be in recession?

A

2

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30
Q

Returns can be expected to fall within one standard deviation, what percent of the time?

A

68%

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31
Q

Returns can be expected to fall within two standard deviations, what percent of the time?

A

95%

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32
Q

What % of approved securities must be held in a approved securitires fund?

A

90%

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33
Q

A retail UCITS fund (not tracker) must hold no more than what % it’s total value in the shares of any one company?

A

10% (up to 4 shareholdings)

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34
Q

A retail UCITS tracker fund must hold no more than what % it’s total value in the shares of any one company?

A

20% (exceptional = 35%)

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35
Q

A retail UCITS fund must hold no more than what % it’s total value in the shares of any one group

A

20%

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36
Q

A retail UCITS fund may be borrow what % of its value on a temporary basis?

A

10%

37
Q

To pay dividends, a unit trust/oeic must hold what % of its investments in interest bearing investments?

A

Less than 60%

38
Q

When equity funds are held in a discretionary trust, what are the trustees liable to income tax at?

A

38.1%

No £2000 dividend allowance, any dividends that fall within £1000 standard rate band will only be taxed at 7.5%

39
Q

To pay interest distributions, a unit trust/oeic must hold what % of its investments in interest bearing investments?

A

At least 60%

40
Q

When gilt and corporate bond funds are held in a discretionary trust, what are the trustees liable to income tax at?

A

45%

any interest that falls within £1000 standard rate band will only be taxed at 20%

41
Q

What is the CGT annual exempt amount in 2020/2021?

A

£12,300

42
Q

What is CGT taxed at?

A

10% or 20% depending on other income

43
Q

When an offshore bond holds more than 60% of its assets in interest bearing securities, what will the UK investor be taxed at?

A

0% starting band, 20%, 40%, 45%

*Can be offset against PSA

44
Q

For a non-reporting fund, what is the UK-resident liable for income tax at?

A

20%, 40%, 45%

even if it consist largely of dividends

45
Q

What is the annual cap on contributions into a Maximum Investment Plans?

A

£3600

46
Q

What is the CGT/income tax for a Guaranteed Growth Bond?

A

Capital sum = Free of CGT

Income = 20%/BR tax has already been deducted

47
Q

What % of a bond may investors withdraw every year without an immediate tax liability?

A

5%

Return of capital for 20 years or until all initial capital has been returned

48
Q

What is the minimum and maximum total equity content of a distribution bond? (As per ABI classification)

A

Min 20%

Max 60%

49
Q

What is the minimum amount of sterling based assets in a distribution bond? (As per ABI classification)

A

50%

50
Q

What is the minimum yield of a distribution fund, relative to FTSE All-Share yield? (As per ABI)

A

110%

51
Q

How are bonds taxed in discretionary trusts to trustees?

A

Trust income £1000 or less
Income = 20% Dividends = 7.5%

Trust income > £1000
Income = 45% Dividends = 38.5%

52
Q

What is the taxation of an onshore and offshore bond?

A

Onshore:
BR: 0% (already deducted)
HR: 20%
AR: 25%

Offshore:
BR: 20%
HR: 40%
AR: 45%*
*PSA can be used
53
Q

The return of a Friendly Society Savings Plan is tax free after?

A

7 and a half years

54
Q

A qualifying life assurance policy must have a term of at least?

A

10 years

55
Q

The minimum level of life assurance cover on a qualifying policy is?

A

75%

56
Q

In a qualifying life assurance policy, no premium is to be more than?

A

One eighth of the total premiums payable over term of policy

57
Q

What is property income paid to an investor in a PAIF, paid net of?

A

20% income tax

58
Q

In order to be a PAIF, at least what % of its net income in an accounting period must be from the exempt property business?

A

60%

59
Q

In order to be a PAIF, at least what % of its assets in an accounting period must be from the property investment business?

A

60%

60
Q

What is the maximum amount of a PAIF that a corporate investor can hold?

A

10%

61
Q

What is the premium limit for tax-exempt business in a friendly society policy?

A

£270 p/a

£25 p/mo (£300)

62
Q

In order to qualify as a REIT, what is the minimum amount of the company’s profits that must be from the property rental/tax-exempt business?

A

75%

63
Q

In order to be a PAIF, at least what % of its assets in an accounting period must be from the property rental/tax-exempt business?

A

75%

64
Q

What is income tax relief on an EIS?

A

30%

65
Q

What is the limit on tax relief for an EIS?

A

Up to £1m

Up to £2m if knowledge-intensive

66
Q

How long must shares in an EIS be held to qualify for 100% tax relief?

A

3 years

67
Q

In order to qualify as an EIS company, what is the max amount of employees?

A

250

500 if knowledge-intensive

68
Q

In order to qualify as an EIS company, what is the max amount of gross assets that they can have?

A

Must not exceed £15m before issue of shares

Nor £16m immediately afterwards

69
Q

In order to qualify as an EIS company, what is the max amount that can have been raised under venture capital schemes?

A

£5m in 12 months (£10m if knowledge-intensive)

£12m in company’s lifetime (£20m if knowledge-intensive)

70
Q

What is income tax relief on an SEIS?

A

50%

71
Q

What is the limit on tax relief for an EIS?

A

£1m/£2m

72
Q

How long must shares in an EIS be held to qualify for 100% tax relief?

A

3 years

73
Q

When is business relief on IHT available on an EIS/SEIS?

A

2 years

74
Q

In order to qualify as an SEIS company, what is the max amount of employees?

A

25 people or less

75
Q

In order to qualify as an SEIS company, how old must the company be?

A

No more than 2 years old

76
Q

What is income tax relief on a VCT?

A

30%

77
Q

What is the limit on tax relief for a VCT?

A

£200,000

78
Q

How long must shares in a VCT be held to qualify for 100% tax relief?

A

5 years

79
Q

In order to qualify as a VCT company, what is the max amount of employees?

A

250

500 if knowledge-intensive

80
Q

In order to qualify as a VCT company, what is the max amount that can have been raised under venture capital schemes?

A

£5m in 12 months (£10m if knowledge-intensive)

£12m in company’s lifetime (£20m if knowledge-intensive)

81
Q

To invest in an ISA, shares from a SAYE/share-incentive plan must be transferred within?

A

90 days

82
Q

What is the max minimum deposit for a stakeholder cash ISA?

A

£10

83
Q

What is the max minimum deposit for a stakeholder S&S ISA?

A

£20

84
Q

What is the annual limit on a JISA?

A

£9000

85
Q

What is the capital element taxed at on a PLA?

A

0%

86
Q

What is the minimum frequency for portfolio reporting ?

A

Every 6 months

87
Q

If companies have less than ?%, their market capitalisation is reduced to reflect the available free float?

A

75%

88
Q

What is the tax-free limit on rent a room relief?

A

£7500

89
Q

What RPI is used for index-linked gilts?

A

Before Sep 2005 - 8 months before

Sep 2005 onwards - 3 months before

R02 (8 decks)

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