AFAP2 Mock Paper 2 — Business Protection & Tax
A standard AFAP2 mock on shareholder and partnership protection, relevant life plans, key-person tax treatment and trust planning. 30 marks, 45 minutes.
- Questions
- 30
- Minutes
- 45
- Pass (70%)
- 21/30
Sit it timed
The timer starts when you press the button. You can still finish after it runs out — it is there to mimic exam pressure, not to lock you out.
Free preview: the first 5 of 30 questions, with a timer to match. Unlock the full paper
Answer options are shuffled on every attempt. Your progress is saved as you go, so a refresh won't lose it.
About AFAP2 Mock Paper 2
This is mock paper 2 of 3 for AFAP2, the Protection — Unit 2 unit of CeMAP. The 3 papers in this unit run easier → harder so you can build up to exam standard rather than being thrown in at the deep end. This one sits in the standard tier: it is pitched at roughly live-exam difficulty, with distractors that are all plausible until you read them properly.
Every question carries a written explanation, so a wrong answer tells you which rule you have misread instead of just costing you a mark. Questions are original, written against the 2025/26 five-unit CeMAP syllabus, and cover the material the way the examiner tests it — precise recall where recall is tested, and judgement where the paper wants judgement.
Format, timing and pass mark
AFAP2 Mock Paper 2 follows the live AFAP2 format: 20 standalone questions + 2 case studies × 5 linked questions, in 45 minutes — about 90 seconds a question. Pass mark 21/30 (70%), as in the real assessment. There is no negative marking, so answer everything. 2 case studies carry linked questions: read each scenario once, carefully, before answering any part of it.
What this paper tests
The 30 questions in AFAP2 Mock Paper 2 break down across 8 topic areas:
- Taxation6 questions
- Quantifying need4 questions
- Shareholder protection4 questions
- Suitability4 questions
- Trusts4 questions
- Partnership protection3 questions
- Relevant life3 questions
- Key person2 questions
Try two questions from AFAP2 Mock Paper 2
These come from the free preview of this paper. Answer them, then reveal the explanation.
Shareholder protection
Without shareholder protection, if Ben died Anna might face:
- AAutomatic acquisition of Ben's shares at no cost
- BThe bank writing off the loan
- CHMRC buying the shares
- DBen's shares passing to his estate, with the survivor unable to buy them without cash — risking loss of control or forced sale of the company
Reveal the answer
D is correct. Shares pass by will or intestacy. Without a funded buy-out agreement, the survivor may inherit a co-shareholder (Ben's heirs) or be unable to raise funds to buy the shares.
Shareholder protection
Life policies for shareholder protection are normally:
- AOwned by HMRC
- BOwned by the deceased's family
- COwned by the other shareholder(s), the company, or a business trust — with a cross-option agreement
- DUnnecessary if the company is profitable
Reveal the answer
C is correct. Ownership structure must match the buy-out mechanism. Common structures: own-life policies in trust for other shareholders, or company-owned policies with appropriate agreements.
Scored under 70%? Revise these next
A near miss is almost always a calculation you cannot do under time pressure, a definition you half-know, or a rule you have never read in the examiner's words. Start with the topic areas above where you dropped marks, then:
- →Drill the calculations on the CeMAP formula sheet — LTV, income multiples, SDLT, APRC, ERCs and rental cover, each worked through.
- →Nail the terminology in the CeMAP glossary — a surprising share of wrong answers are a term you nearly knew.
- →Re-read the syllabus coverage on the AFAP2 exam guide, then sit the next paper in the ramp.
The other AFAP2 mock papers
3 timed mocks for this unit, running easier → harder. Sitting the whole ramp is what moves a borderline score to a comfortable pass.