Individual savings accounts (UK Finance Act 2015)

In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again.

  1. What is the minimum age limit for a person to open a cash ISA?

  2. Which people would currently be better off choosing an investment paying gross interest of 2.90% rather than a cash ISA paying interest of 2.50%?

  3. Which ISAs can be opened by a person each tax year?

  4. What happens regarding an existing ISA if the person goes to live abroad?

  5. Which of the following taxpayers could potentially benefit the most by investing in a stocks and shares ISA for 2015-16?

  6. For 2015-16, a person invests £4,000 in a stocks and shares ISA. How much can they also invest in a cash ISA during 2015-16?

  7. Junior ISAs can be opened for which children?

  8. For 2015-16, a parent invests £1,500 in a cash junior ISA on behalf of their child. How much can they also invest in a stocks and shares junior ISA for the same child during 2015-16?

  9. Which of the following ISA transfers to be made during 2015-16 is not permitted?

  10. Which of the following investments can never be held within a cash and shares ISA?

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