AFAT2 Mock Paper 1 — Taxation Unit 2
Introductory AFAT Unit 2 mock on CGT basics, IHT nil-rate bands, ISA wrappers, pension allowances and simple suitability judgements for retail clients.
- 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 AFAT2 Mock Paper 1
This is mock paper 1 of 3 for AFAT2, the Taxation — 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 easier tier: the wording is clean and the wrong answers are less subtle than the ones the examiner writes, so it is the right place to find out what you actually know.
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
AFAT2 Mock Paper 1 follows the live AFAT2 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 AFAT2 Mock Paper 1 break down across 22 topic areas:
- Case study — Brennan5 questions
- Case study — Osei5 questions
- CGT — annual exempt1 question
- CGT — BADR1 question
- CGT — calculation1 question
- CGT — rates1 question
- CGT — shares1 question
- IHT — CLT1 question
- IHT — NRB1 question
- IHT — PET1 question
- IHT — RNRB1 question
- IHT — RNRB taper1 question
- IHT — spouse1 question
- IHT — taper1 question
…plus 8 further topic areas spread across the case studies.
Try two questions from AFAT2 Mock Paper 1
These come from the free preview of this paper. Answer them, then reveal the explanation.
CGT — annual exempt
The CGT annual exempt amount for individuals in 2026/27 is:
- A£12,300
- B£3,000
- C£1,000
- D£6,000
Reveal the answer
B is correct. £3,000 is the 2026/27 CGT annual exempt amount. £6,000 and £12,300 are older figures. £1,000 is too low.
CGT — rates
For 2026/27, basic-rate taxpayers generally pay CGT at what rate on most residential property gains?
- A10%
- B18%
- C20%
- D24%
Reveal the answer
B is correct. Residential property: 18% basic / 24% higher. 10%/20% are general asset rates for non-residential. 24% is higher-rate residential.
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 AFAT2 exam guide, then sit the next paper in the ramp.
The other AFAT2 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.