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To the Version 7 syllabus, tested 1 December 2008 to 31 August 2010.

Help with OTM self-assessment questions...

April 2009 budget
CFA UK has reviewed the content of the Official Training Manual and future exam questions in the light of the April 2009 budget. Questions in the examination are affected by this review from 1 September 2009. An amended section of the Official Training Manual relating to taxation is available below to clarify changes to the examination:

Syllabus 7.1
The IMC Official Training Manual authors have created the following updates to Version 7 of the Manual. These are to reflect industry developments since Version 7 was printed and in the light of recent market change. This does not constitute a substantial ‘syllabus review’. However, candidates should familiarise themselves with these updates, which could affect a small number of questions in IMC examinations from 1 December 2009.

It is crucial that all IMC candidates, including those studying with a training provider, check this page frequently.

Update posted	UPDATED INFORMATION	Syllabus reference	Official Training Manual ref.	Impact on live testing
23/10/2008	UPDATE The government has announced that the Stamp Duty Land Tax (SDLT) threshold for land transactions consisting entirely of residential property will be increased from £125,000 to £175,000 for transactions with an effective date (normally completion) after 2 September 2008 and before 3 September 2009.	4.b.3	OTM Volume 1, page 118 after the table showing SDLT thresholds	Where applicable, questions will reflect this update from 1 March 2009
23/10/2008	OTM AMENDMENT The clearing house is the TSE itself The clearing house for trades in Japanese stocks is the Japan Securities Clearing Corporation.	3.b.1	OTM Volume 1, page 102 in section (ii) Japan, 2nd paragraph	Where applicable, questions will reflect this update from 1 March 2009
23/10/2008	OTM AMENDMENT In general, French government bonds are bearer bonds, and are settled one business day after the transaction.	3.b.1	OTM Volume 1, page 104, under heading ‘Bonds’, 4th paragraph	Where applicable, questions will reflect this update from 1 March 2009
14/10/2008	OTM AMENDMENT Change in equation: £751.23 £751.32	2.b.2 (iii)	OTM Volume 2, page 30, second example equation	No impact on live testing
09/02/2009	OTM AMENDMENT In the worked example on page 123 of Volume 1 of the OTM a nominal Corporation Tax Rate of 30% is included. Note that the current correct rate is 28% and this is used in all other relevant sections of the OTM.	4.c.i	OTM Volume 1, page 123	No impact on live testing
11/02/2009	OTM AMENDMENT 7.c.1 1. Profit is defined as sales revenue less costs less debt interest less corporation tax. Trading (operating profit) is profit before deduction of overheads, interest and tax. Trading (operating) profit is profit before deduction of interest and tax.	7.c.1	OTM Volume 2, page 186	Where applicable questions will reflect this update from 1 June 2009.
01/04/09	OTM AMENDMENT Line 5: change ‘£35,800’ to ‘£34,800’ Line 7: change ’£35,800’ to ’£34,800’	4.b.2	OTM Vol 1, page 115	Where applicable questions will reflect this update from 1 June 2009.
01/04/09	OTM AMENDMENT Line 3: change ‘discretionary’ to ‘advisory’	5.a.6	OTM Vol 1, page 143	No impact on live testing
01/04/09	OTM AMENDMENT Key facts 5.a.8 ‘The largest institutional funds in the UK are pension funds followed by insurance funds…’ ‘The largest institutional funds in the UK are pension funds and life insurance funds, followed by…’	5.a.8	OTM Vol 1, page 151	Where applicable questions will reflect this update from 1 June 2009.
01/04/09	OTM AMENDMENT The answer to Q 11 should be (c) rather than (d)	Unit 1 mock exam	OTM Vol 1, page 156	No impact on live testing
02/06/09	OTM AMENDMENT Figure 8.7 is missing from page: PDF downloadable: Figure 8.7	8.a.4	OTM Vol 2, page 211	No impact on live testing
02/06/09	OTM AMENDMENT Key fact 2: change ‘principle’ to ‘principal’	1.b.8	OTM Vol 1, page 80	No impact on live testing
02/06/09	OTM AMENDMENT Percentages in the table do not agree with those in the narrative above the table. Table on page 122 should read: (Figures in £000’s) Pre-tax profits: 2000 UK corporation tax liable (@ 28%): 560 less double taxation relief (@ 24%): 480 UK tax payable: 80	4.c.1	OTM Vol 1, page 122	No impact on live testing
02/06/09	OTM AMENDMENT Para . beginning ‘What few private investors fail…’ Change ‘few’ to ‘many’.	5.1a.3	OTM Vol 1, page 133	No impact on live testing
02/06/09	OTM AMENDMENT The figures for land and property should be Pension Funds: 48.5 Insurance-life: 61.29 Insurance funds-general: 1.47	5.a.5.ii (a)	OTM Vol 1, page 141	No impact on live testing
02/06/09	OTM AMENDMENT The lastsentence on the page: 1.4% should be 14%.	5.a.5.ii (b)	OTM Vol 1, page 141	No impact on live testing
28/10/09	OTM AMENDMENT 4. The OFT has a duty to investigate all mergers where the target company has a UK turnover of in excess of £70m or the merged company will control greater than 25% of the UK market.	1.c.4	OTM Vol 1, page 82	No impact on live testing