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ABA CTFA Exam (page: 4)
ABA Certified Trust and Financial Advisor (CTFA)
Updated on: 25-Dec-2025

Viewing Page 4 of 91
CTFA PDF 895 Questions

Pauline, a basic-rate taxpayer, has a portfolio which comprises of various equity and fixed-interest unit trusts and OEICs. She should be aware that:

  1. Any losses from this portfolio are allowable for Capital Gains Tax calculations
  2. Her entire portfolio will be subject to a 10% tax credit
  3. Only the proceeds of sale from the OEICs could be subject to Capital Gains Tax
  4. The taxation of dividends on the OEICs held will be treated the same way as the unit trusts
  5. She can never reclaim any tax deducted at source

Answer(s): A,D



Philip took out a qualifying onshore endowment policy for 20 years which he made paid- up in year 9. This means that he may become personally liable to tax on the policy proceeds:

  1. At maturity
  2. If he makes a partial surrender
  3. If he assigns the policy to his wife
  4. On settlement of a critical illness claim

Answer(s): A,B



Bill, a single man, having made full use of his annual gift allowances, made a potentially exempt transfer of £100, 000 four and a half years before his death. He has made no other gifts. His residual estate is now valued at £500, 000. The Inheritance Tax liability at death is:

  1. £30, 000
  2. £46, 000
  3. £94, 000
  4. £110, 000

Answer(s): D



On Brian's death, his estate was valued at £820, 000. He bequeathed £40, 000 to a registered charity and split the balance equally between his registered civil partner and his brother. Assuming he made no lifetime transfers, what will the Inheritance Tax liability be?

  1. £22, 750
  2. £26, 000
  3. £29, 750
  4. £34, 000

Answer(s): B



Trevor is a member of a defined benefit company pension scheme. Which factor relating to his circumstances confirms that he will avoid incurring a special annual allowance charge in the current tax year?

  1. He is a member of an Employer Financed Retirement Benefit Scheme (EFRBS)
  2. He is aged 61
  3. His total annual earnings have never exceeded £110, 000
  4. His benefits include the maximum level of death benefit

Answer(s): C



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JUAN 6/28/2023 2:12:00 AM

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