Test Financial Knowledge – Feb2022

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.

2 - Under the rules and allowances of 2021/22, how much income is tax free?

3 - How much of any capital gains you make is tax free?

4 - Assuming no allowances have already been used, how much of your estate is free of Inheritance Tax?

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?

6 - How much of your dividend earnings is tax free?

7 - For businesses with profits of £50,000.00 and less, what is the tax rate payable?

8 - How much interest can you earn on personal savings if you pay income tax at the basic rate?

9 - What is each person’s ISA allowance for this tax year (2021/22)?

10 - What is the 2021/22 Lifetime Pension Allowance?