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Tax can make a substantial difference to the returns on savings, investments and many business transactions. Paying more tax than necessary can make all the difference as to whether an investment is worthwhile or whether it should be avoided. A general knowledge of tax is important for all financial advisers, especially:
We start by looking at the UK tax system as relevant to the needs and circumstances of individuals and trusts. We then look at the taxation of investments as relevant to the needs and circumstances of individuals and trusts and the role and relevance of tax in the financial affairs of individuals and trusts. Finally, we look at how to apply the knowledge of personal taxation to the provision of investment advice.
Building a successful career in personal finance
Personal Taxation (R03) is a core unit for the Diploma in Regulated Financial Planning which meets the FCA’s qualification requirements for retail investment advisers. This unit is relevant for paraplanners, technical consultants and those in financial planning support roles. It is also relevant for those seeking additional CII credits towards completion of the Diploma in Financial Planning. those who do not hold additional CII credits counting towards completion of the Diploma in Financial Planning.
Purpose
At the end of this unit, candidates will have investigated the:
Assessment
Units treated as equivalent
Due to the extent of syllabus overlap, certain combinations of current and withdrawn units will result in only one award of credits.
If a withdrawn equivalent is held you may not need to complete a current unit in order to satisfy a qualification's completion rules. Clarification should always be sought from CII Customer Service.
Find out more about credit awards for equivalent units
Course delivery
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Revision aids available ** Please check individual shop pages for availability dates **
The revision aids available for this unit are listed below. Find out more details.
Note for purchasing revision aids: please make sure you do not already have the revision aid(s) as part of any Enrolment plus purchase.
Study material - editions available
2024-25 edition (applicable to exams sat 01 Sep 2024 to 31 Aug 2025)
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These updates are Learning Solutions updates for study purposes.
2024-25 edition
To view a list of the main areas of change in the 2024-25 edition, please click here
Chancellor's Budget/Statement and tax tables updates for 2024-25 edition:
Testing Position
Tax year
The tax year 2024/2025 will be examined from 1 September 2024 until 31 August 2025.
National Insurance
Changes to the National Insurance rules specific to the tax year 2023/2024 came into effect on 6 January 2024. Examinations will be reflective of these changes from 23 February 2024. All other changes are specific to the tax year 2024/2025 and will be tested from 1 September 2024.
Financial Ombudsman Service Award Limit Change
Changes to the Financial Ombudsman Service (FOS) award limits come into effect on 1 April 2024. Examinations will be reflective of these changes from 1 July 2024.
Stamp Duty Land Tax
Changes to the Stamp Duty Land Tax due on the purchase of second homes, buy-to-let residential properties, and companies purchasing residential property came into effect on 31 October 2024. Examinations will be reflective of these changes from 30 January 2025.
Changes to the residential Stamp Duty Land Tax rates come into effect on 1 April 2025. Examinations will be reflective of these changes from 1 April 2025.
Capital Gains Tax
Changes to the Capital Gains Tax rate specific to the tax year 2024/2025 came into effect on 30 October 2024. Examinations will be reflective of these changes from 30 January 2025.
The R03 Examination Guide for exams from 1 September 2022 to 31 August 2023 was first published in June 2022. Any questions which have been amended since the examination guide was first published will appear below.