CISI Collective Investment Schemes Administration (IOC) Free Sample Paper: Fund Reports and Accounts Topic Preview

Q: Are these CISI Collective Investment Schemes Administration (IOC) sample questions updated for 2026?

Yes, these free practice questions are continuously reviewed and updated to reflect the latest official syllabus changes and regulatory requirements for candidates in international markets.

Q: How similar is this sample paper to the real CISI Collective Investment Schemes Administration (IOC) exam?

These questions preview the practice style available in the course, but they cover only Fund Reports and Accounts. This is not a full mock exam and the result cannot measure your overall exam readiness.

Q: What does my CISI Collective Investment Schemes Administration (IOC) topic-preview score mean?

It reflects only your answers to 15 questions from Fund Reports and Accounts. Other syllabus areas are not tested here, so the score is not a pass or fail result and should not be used to predict your official exam performance.

Q: Can I retake this free topic preview?

Yes. You can retake these 15 questions, but repeated attempts cover the same single topic. The full course unlocks all 250 practice questions and broader mock-exam practice.

Question 1

An authorised unit trust has reported taxable profits of £25 million for its accounting period. According to the accelerated instalment regime, when is its first quarterly corporation tax payment due?

Accepted Answer

2 months and 13 days after the accounting period begins

Answer

14 days after the accounting period ends

Answer

9 months and 1 day after the accounting period ends

Answer

6 months and 13 days after the accounting period begins

Question 2

An investor purchases units in a fund halfway through the accounting period. On their first distribution, they receive an equalisation payment. How should this equalisation element be treated for tax purposes?

Accepted Answer

It is a return of capital, which is not taxed as income but reduces the base cost of the units for future Capital Gains Tax calculations.

Answer

It is treated as a chargeable capital gain in the tax year it is received.

Answer

It is completely exempt from all taxes and has no impact on future calculations.

Answer

It is treated as standard income and taxed at their marginal income tax rate.

Question 3

What is the publication deadline for the interim (half-yearly) report of an authorised fund?

Accepted Answer

Within 2 months of the interim accounting period end

Answer

Within 1 month of the interim accounting period end

Answer

Within 4 months of the interim accounting period end

Answer

Within 6 months of the interim accounting period end

Question 4

An OEIC has taxable profits of £5 million for its current accounting period. When must it begin paying its quarterly corporation tax instalments?

Accepted Answer

6 months and 13 days after the start of the accounting period

Answer

9 months and 1 day after the end of the accounting period

Answer

2 months and 13 days after the start of the accounting period

Answer

12 months after the end of the accounting period

Question 5

Which of the following is required to be included in an authorised fund's annual report, but is NOT required in the interim report?

Accepted Answer

Audited financial accounts

Answer

The fund's investment objective

Answer

Basic comparative data (units in circulation and NAV per unit)

Answer

The AFM's report

Question 6

An Open-Ended Investment Company (OEIC) has just reached its annual accounting period end. By when must the Authorised Corporate Director (ACD) publish the annual report and accounts?

Accepted Answer

Within 4 months

Answer

Within 2 months

Answer

Within 14 days

Answer

Within 6 months

Question 7

An investor buys units in a fund one week after the start of its annual accounting period. Another investor has held units in the same fund for three years. For the upcoming distribution, which classification applies to these investors?

Accepted Answer

The new investor is Group 2 and receives equalisation; the existing investor is Group 1 and receives entirely income.

Answer

Both are Group 2 investors because equalisation must be applied uniformly to all unitholders.

Answer

Both are Group 1 investors because the distribution is annual.

Answer

The new investor is Group 1 and receives equalisation; the existing investor is Group 2 and receives entirely income.

Question 8

If an authorised fund engages in securities lending or repo transactions, under which regulation must it provide additional disclosures in its reports regarding collateral quality and safekeeping?

Accepted Answer

SFTR (Securities Financing Transactions Regulation)

Answer

AIFMD

Answer

EMIR

Answer

MiFID II

Question 9

The comparative table within an authorised fund's annual report must show per unit/share data for what minimum historical period (assuming the fund has been operating for a decade)?

Accepted Answer

The last 3 annual accounting periods

Answer

The last 5 annual accounting periods

Answer

The last annual accounting period only

Answer

The last 10 annual accounting periods

Question 10

For a UCITS fund, which specific additional disclosure must be included in the annual report regarding the Authorised Fund Manager (AFM)?

Accepted Answer

The total remuneration paid to AFM staff, broken down between fixed and variable components

Answer

A breakdown of all dealing charges paid to third-party brokers

Answer

A list of all individual investors holding more than 5% of the fund

Answer

The personal home addresses of the AFM's directors

Question 11

The manager of a Charity Authorised Investment Fund (CAIF) wishes to smooth distributions over time by holding back some of the current year's income. What is the maximum proportion of the available income that can be transferred to an income reserve account?

Accepted Answer

15%

Answer

25%

Answer

20%

Answer

10%

Question 12

A UCITS fund reaches the end of its annual accounting period on 31 December. What is the latest date by which the fund must pay its annual distribution to investors?

Accepted Answer

Within 2 months of the end of the accounting period

Answer

Within 3 months of the end of the accounting period

Answer

Within 4 months of the end of the accounting period

Answer

Within 1 month of the end of the accounting period

Question 13

During the 2024–25 tax year, a higher rate taxpayer sells units in a standard authorised CIS and realises a gain of £10,000. Assuming they have already used their Annual Exempt Amount elsewhere, what is the CGT rate applicable to this gain?

Accepted Answer

20%

Answer

28%

Answer

24%

Answer

10%

Question 14

An OEIC has an annual accounting period ending on 31 December, and an interim accounting period ending on 30 June. By what dates must the AFM publish the annual and interim reports respectively?

Accepted Answer

Annual by 30 April; Interim by 31 August

Answer

Annual by 31 May; Interim by 31 October

Answer

Annual by 28 February; Interim by 31 July

Answer

Annual by 30 June; Interim by 30 September

Question 15

An investor sells shares in a non-reporting offshore fund and realises a substantial gain. How is this gain treated for UK tax purposes?

Accepted Answer

It is entirely taxed as income at the investor's marginal income tax rate.

Answer

The gain is exempt from UK tax, as it was generated offshore.

Answer

It is entirely subject to Capital Gains Tax (CGT) at standard rates of 10% or 20%.

Answer

Half of the gain is taxed as income, and half as a capital gain.

CISI Collective Investment Schemes Administration (IOC) Free Sample Paper & Practice Questions

An authorised unit trust has reported taxable profits of £25 million for its accounting period. According to the accelerated instalment regime, when is its first quarterly corporation tax payment due?

CISI Collective Investment Schemes Administration (IOC)

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CISI Collective Investment Schemes Administration (IOC) Free Sample Paper & Practice Questions

An authorised unit trust has reported taxable profits of £25 million for its accounting period. According to the accelerated instalment regime, when is its first quarterly corporation tax payment due?

CISI Collective Investment Schemes Administration (IOC)

Unlock 20% Discount

About This Free Sample Paper

Why Use a Question Bank & Mock Exams?

Frequently Asked Questions

Pass on Your First Attempt

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