How much do you know about ISAs? Test your knowledge here.
Q1) What’s the ISA allowance for the current tax year?
Q2) What level of tax do you pay on ISA investments?
Q3) Which of these are you not allowed to put in a Stocks & Shares ISA?
a) AIM shares
b) US stocks
c) Exchange-traded funds (ETFs)
d) Futures and/or share options
Q4) What happens if I withdraw money out of my Stocks & Shares ISA?
a) You have to pay tax on any profits
b) Nothing, and your annual limit increases
c) Nothing, but your annual limit remains the same
Q5) In April of which year was the first ISA launched?
Q6) In what year did someone claim to be the first ISA millionaire? (There’s a bonus point if you can name them)
Q7) Do you have to do something with all of the cash in your Stocks & Shares ISA each tax year?
a) Yes, it cannot be left uninvested
b) No, but it can only be used for qualifying investments
c) No, you can spend it on whatever you like
Q8) Do you need to declare income tax or capital gains tax (CGT) from your ISA in your tax return?
c) Only if you earn over £40,000 a year
Q9) Can I open two of the same type of ISA in the same tax year?
a) Yes, with any provider you wish
b) Yes, but they must be with the same provider
c) No, you can only open one of each type of ISA each tax year
Please scroll down for the answers...
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1) (c) 20,000
2) (d) Nothing
3) (d) Futures and/or share options
4) (c) Nothing, but your annual limit remains the same
5) (a) 1999
6) (b) 2003 (Lord Lee of Trafford)
7) (b) No, but it can only be used for qualifying investments
8) (b) No
9) (b) No, you can only open one of each type of ISA each tax year