Inheritance Tax

AFA Coursework

This page contains key information for the preparation and submission of your coursework assignment for courses of study beginning 6 July 2015. More detailed instructions can be found on our website. Ensure that you read all the information below before starting your assignment. Key information  Weighting: The coursework assignment contributes 30% to the overall assessment.  Pass mark: The pass mark for this component is 50% although contribution may be used for marks between 45% – 49%.  Deadline: You must submit your coursework on or before: 30 October 2015. Late submissions will not be marked. Assignments submitted before the required date will not be marked until after that date regardless of when they are received. It is your responsibility to ensure that your coursework has arrived at the Institute of Financial Services.  Presentation requirements: It is important that you present your assignment in the appropriate format. For details, please see document entitled: ‘Coursework Submission Information’  Submission: Your coursework assignment must be submitted to the Institute of Financial Services FE Programmes Operations Team, not to your tutor. For instructions, please see document entitled: ‘Coursework Submission Information’  Plagiarism detection software: It is vital that the coursework assignment you submit is entirely your own work. You are required to submit an electronic copy of your assignment on or before the submission date given above. Your electronic copy may be subject to sampling through TurnitinUK. For further details please see document entitled: ‘Coursework Submission Information’  Internet access: If, for any reason, you are unable to access the above document, please contact the Institute of Financial Services Customer and Student Support department on +44 (0) 1227 818609, who will be happy to forward hard copies. Page 2 of 3 AFA Coursework: Part A As an independent financial adviser (IFA), you have been asked to write an article for publication in a lifestyle magazine which is published quarterly. The publication is generally for individuals with a high net worth, typically in excess of £2m. The editor has identified that the individuals who typically read the magazine are likely to have a significant potential liability to Inheritance Tax (IHT), and she has asked that your article focuses on how such individuals could seek to take steps to mitigate their potential liability. The article should include an overview of how inheritance tax operates, and a number of strategies in which IHT can be mitigated, including the benefits and drawbacks of entering into each of these arrangements. You should write an article that addresses this issue in language that a typical client is likely to understand. You should include examples and calculations if you feel they help the article. As part of the brief it has been suggested that you will need to consult a number of information sources as part of your research for the article. This research should be documented in part (B). This ‘bibliography’ will also be presented to the readers of the article, and be a source of further reading for them. (65 marks maximum) – 50 marks are available for the content of the article and 15 marks are available for the communication and presentation style. Note: Coursework responses for Part A must not exceed 4,000 words. The assignment has been developed to be answerable within this word count and words over this maximum will not be marked. Quotes used in Part A will count towards the maximum word count though the bibliography and comments on references (Part B) will not. There is no minimum number of words. It is left to the judgement of each candidate, depending on the structure and content of their answer, as to how many words they use up to the maximum limit to formulate their response. Part B Compile a full bibliography to support your research, and present it in line with scholarly convention. This bibliography will also be presented to the readers of the article, and be a source of further reading for them. Write approximately 100 words on each of three of the references contained in the bibliography. Comment on their usefulness and relevance on the subject matter. 15 marks maximum) Page 3 of 3 Short Answer Questions Question 1 Keira, aged 26, is self-employed and would like to take out financial protection in the event of illness or incapacity. State the disadvantages of her taking out an accident sickness and unemployment (ASU) policy, rather than an individual income protection insurance (IPI) policy. (5 marks) Question 2 State the reasons why a typical client may prefer to invest a lump sum for long term growth in an open-ended investment companies scheme (OEIC), rather than an onshore non-qualifying investment bond. (5 marks) Question 3 Ellie, aged 50, is intending to retire at age 65. She is self-employed and is an additional rate taxpayer. State the advantages and disadvantages of Ellie funding a personal pension for her retirement savings, rather than investing in a stocks and shares ISA. (10 marks) (Total – 100 marks maximum).


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