1 - True or false? Stocks & Shares ISAs are a great way of helping your money to grow, as all the profits they earn are tax free.

Correct! Wrong!

It is true that Stocks & Shares ISAs are tax free. ISAs are a great way of growing your savings.

2 - How much of your earnings are tax free?

Correct! Wrong!

£12,570 is the limit of your tax-free earnings.

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

Correct! Wrong!

When inheriting or transferring capital, only £12,300.00 is tax free.

4 - How much of your estate is free of Inheritance Tax?

Correct! Wrong!

Inheritance Tax is paid on estates of over £325,000.00

5 - If your home is included in your estate, what does the tax-free threshold increase to?

Correct! Wrong!

£500,000.00 is the tax-free threshold. There is a restriction - £500,000.00 is the limit if you are passing the home to a child or grandchild, and the total estate is worth less than £2million.

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

Correct! Wrong!

7 - For businesses with profits of £50,000 and less, what is the tax rate payable?

Correct! Wrong!

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

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9 - What is each person’s ISA allowance (the amount you can pay in without being taxed on the profits) for this tax year (2021/22)?

Correct! Wrong!

10 - If you had invested your full ISA or PEP (the predecessor of the ISA) annual allowance every year since they were introduced (in 1987) early in each tax, how much would it be worth?

Correct! Wrong!

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