To help you to keep up with the fundamentals of tax, retirement and financial planning, try answering these questions.
What is the current minimum age for a cash Isa?
Graham is a higher rate taxpayer. How much income tax would he save each year via an ISA rather than directly buying shares that pay an annual dividend of £450?
Why might a basic rate taxpaying pensioner hold a UK equity income fund via an Isa rather than directly?
A To avoid inheritance tax
B To increase the dividend income
C To prevent loss of age allowance
D To minimise costs
An additional rate taxpayer would gain the greatest income tax benefits by holding which type of asset in an Isa?
A Corporate bond fund
B Emerging market fund
C FTSE index tracker
D Global equity fund
Cash interest on stocks and shares Isas was taxed at a rate of 20 per cent in 2013/14. What will be the rate on the New Isa from July 2014?
C All interest in New Isas will be free of UK tax
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Questions supplied by the CPD Centre. For more help keeping up to date with your technical knowledge go to www.ifacpd.com