New Individual Savings Accounts (UK Finance Act 2014)

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 someone opening a cash NISA?

  2. What NISAs can be opened by an individual each tax year?

  3. What happens regarding a person’s existing NISAS if they go to live abroad?

  4. Junior ISAs can be opened for which children?

  5. For 2014-15 an individual invests £4,000 in a stocks and shares NISA. How much can also be invested in a cash NISA?

  6. For 2014-15 a parent invests £1,500 in a cash junior ISA on behalf of their child. How much can also be invested in a stocks and shares junior ISA?

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

  8. Which of the following NISA transfers to be made during 2014-15 is not permitted?

  9. Which individuals would be better off choosing a normal savings account paying gross interest of 2.90% rather than a cash NISA paying interest of 2.50%?

  10. Which of the following taxpayers could potentially benefit the most by investing in a stocks and shares NISA?