Test Financial Knowledge – Feb2022 by Stuart Rothwell | Jan 10, 2022 Name Emal address Phone Number 1 - True or false? You can give away up to £3,000.00 a year, as well as making any number of small gifts up to £250.00, as part of your Inheritance Tax Planning (IHT), if you survive for seven years after giving. True False 2 - Under the rules and allowances of 2021/22, how much income is tax free? £10,520.00 £12,020.00 £12,570.00 £14,550.00 3 - How much of any capital gains you make is tax free? £10,300.00 £12,300.00 £15,300.00 £22,300.00 4 - Assuming no allowances have already been used, how much of your estate is free of Inheritance Tax? £225,000.00 £325,000.00 £425,000.00 £525,000.00 5 - Assuming no allowances have already been used and your estate is being left to lineal descendants, how much of your estate is free of Inheritance Tax? £325,000.00 £400,000.00 £450,000.00 £500,000.00 6 - How much of your dividend earnings is tax free? £1,000.00 £2,000.00 £5,000.00 £10,000.00 7 - For businesses with profits of £50,000.00 and less, what is the tax rate payable? 19% 24% 29% 34% 8 - How much interest can you earn on personal savings if you pay income tax at the basic rate? £1,000.00 £5,000.00 9 - What is each person’s ISA allowance for this tax year (2021/22)? £15,000.00 £20,000.00 £25,000.00 £30,000.00 10 - What is the 2021/22 Lifetime Pension Allowance? £242,753.00 £673,428.00 £1,073,100.00 £2,392,726.00 Time is Up! Time's up