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To the Version 7 syllabus, tested 1 December 2008 to 30 November 2009.

April 2009 budget
CFA UK is currently reviewing the content of the Official Training Manual and future exam questions in the light of the April 2009 budget. Questions in the examination will not be affected by this review until 1 September 2009. An amended section of the Official Training Manual relating to taxation will be available on the CFA UK website in June to clarify any changes to relevant parts of the examination. In the meantime candidates are advised to prepare from current Version 7 training material, which remains consistent with questions in the examination

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