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Platforms, Wealth Management and Service Providers > Chapter 2: Platform Wrappers > Flashcards

Chapter 2: Platform Wrappers Flashcards

1
Q

What is a GIA?

A

General investment account

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2
Q

What tax is an ISA exempt from?

A

Income tax and capital gains tax (CGT)

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3
Q

Who is a help- to- buy ISA offered by?

A

Banks/building societies with a government bonus available for savers who use the product to help purchase a home.

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4
Q

What is Innovative Finance ISA based on?

A

Peer to peer lending propositions.

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5
Q

HMRC guidance to ISA managers states that investors must apply for an ISA (either in writing or not on writing). In the application they must provide:

A
  • The first tax year during which they are applying for the ISA
  • The investors full name, permanent address, national insurance number and DOB.
    -Type of ISA they wish to open
  • A declaration that the info given is correct and this is the only ISA of this type they have applied to this year.
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6
Q

What are the key reports from an ISA manager to HMRC.

A
  • ISA 10 and ISA 14
  • ISAComm100
  • ISA14a (Stats)
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7
Q

What is an ISA10 and ISA14?

A

Annual return and claim for previous tax year

These enable the ISA manager to claim back from HMRC any tax suffered on Income/interest received for ISA holders during the tax year.

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8
Q

When is an ISA10 and ISA14 report required?

A

ISA14 is an annual claim due on the 5th Oct while ISA10 is an optional interim claim.

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9
Q

What is an ISAComm100 also known as?

A

Annual Return of Information

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10
Q

What is an ISAComm100 used for?

A

This reports provides HMRC with a full list of the ISA wrappers held for each ISA holder (information that HMRC. An use to ensure that any abuse of ISA limits is identified).

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11
Q

What is an ISA14a(Stats) used for?

A

This given overall data( rather than investor level data) of ISA activity to enable HMRC to perform statistical analysis of the ISA market.

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12
Q

What information does a ISA14a(Stats) include?

A

Both subscriptions and investment market values

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13
Q

What information does an ISAComm100 require?

A

• Account number
• Investor name, address, DOB, and NINO
• Amounts subscribes
• Date of first subscription
• Amounts transferred in

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14
Q

What is an APSS106?

A

Tax reclaim form

Manager to reclaim 20% must submit this form annually - no alter than 6th October

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15
Q

A holder of a SIPP can make withdrawals any time after the age of?

A

55

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16
Q

For on onshore investment bond, what percentage is applied to withdraw without incurring a tax charge?

A

5%

17
Q

What range of assets are not included in a SIPP?

A

• residential property
• exotic assets
- vintage cars
- wine
- coins
- stamps
- works of art

18
Q

Up to what limit can contributions be paid into a SIPP by standard and higher rate tax payers without incurring an income tax liability on the contributions?

A

£60,000

19
Q

What are typical wrapper types:

A

• GIA
• Stock & Shares ISA
• Cash ISA
• JISA
• Lifetime Isa
• offshore bond
• onshore bond
• SIPP
• insured personal pension
• S32 buyout bond

20
Q

What are the only three wrappers that can be held in joint names:

A

• GIA
• offshore bond
• onshore bond

21
Q

Up to what annual limit can contributions be paid into a SIPP by standard or higher rate taxpayers without incurring an income tax liability on the contributions?

A

£60,000

22
Q

What is a crystallisation event?

A

• When a member took a pension or lump sum
• reached age 75
• died
• or transferred their pension overseas

23
Q

How old do you have to be to open a lifetime ISA

A

18-40

24
Q

Section 32 of the Finance Act 1981 attempted to give flexibility to pension arrangements in light of what underlying change?

A

Employers closing or changing their defined benefit scheme

25
Q

What type of assets are not subject to a tax charge when held in a SIPP?

A

• stock & shares listed on a recognised exchange
• carbon credits
• commercial property
• gold bullion
• investment trusts subject to FCA reg
• unlisted shares
• futures, options traded on a recognise exchange and CFDs

Platforms, Wealth Management and Service Providers (9 decks)

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