New Individual Savings Accounts (UK Finance Act 2014)

What is the minimum age limit for someone opening a cash NISA?

18

There is no age limit

17

16

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

One cash NISA and one stocks and shares NISA

Either a cash NISA or a stocks and shares NISA

As many NISAs as desired

Any two NISAs as desired

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

The NISAs must be closed

The NISAs can be retained, and more money can be paid in

The NISAs can be retained, but no more money can be paid in

The NISAs can be retained, but will lose their tax-exempt status

Junior ISAs can be opened for which children?

Children under 18 without a child trust fund

Children under 16 without a child trust fund

All children under 16

All children under 18

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

£7,500

£15,000

£11,000

Nil

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?

GBP2,500

Nil

GBP2,00

GBP4,000

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

Life assurance policies

Unquoted shares

Unit trusts

Government stocks

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

All of the savings in a stocks and shares NISA for 2014-15 to a cash NISA

Part of the savings in a cash NISA for 2014-15 to another cash NISA

From a stocks and shares ISA to another stocks and shares ISA

Part of the savings in a stocks and shares NISA for 2013-14 to a cash NISA

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%?

Non-taxpayers, basic rate taxpayers and higher rate taxpayers

Non-taxpayers and basic rate taxpayers

Non-taxpayers

Nobody

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

A basic rate taxpayer with substantial other shareholdings

A higher rate taxpayer with substantial other shareholdings

An additional rate taxpayer with no other shareholdings

A higher rate taxpayer with no other shareholdings

New Individual Savings Accounts (UK Finance Act 2014)

What is the minimum age limit for someone opening a cash NISA?

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

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

Junior ISAs can be opened for which children?

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

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?

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

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

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%?

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

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