General Flashcards
Do income & Gains need to be entered of tax return?
No
Do ISAs count towards income that determines PA, pensions tapered annual allowance or child benefit tax charges
no
What is the over all contribution limit?
£20,000 per person per tax year
When did help to buy ISAs stop?
30 November 2019
What is a flexible ISA?
Option to withdraw cash and replace in same tax year without affecting the contribution limit
What age do you need to be to open cash isa?
16+ but from April 2024 this will be 18+
What age do you need to be to open stocks &shares ISA?
18+
What age do you need to be to open a junior ISA?
0 to 18
Parent saving for minor children
What is annual limit for junior ISA?
£9,000
What is an innovative ISA?
Nichë ISA that facilitates peer to peer lending and crowdfunding
What can a JISA hold?
Cash or stocks and shares
What is the eligibility criteria of an ISA?
Uk resident or crown employee, or their spouse serving overseas
Can a non-uk resident investor subscribe to new or existing ISA?
No, however someone who becomes a non-uk resident can retain any existing ISAs which will continue to be tax free
What can a non uk resident ISA investor do
Retain ISA until the become uk resident again
Transfer their ISA to a new provider
Make withdrawals
Make fund switches
Are ISAs available to trustees?
No they are not available and ISAs can not be gifted to trusts or individuals
Can you contribute to more than one ISA?
Yes from April 2024 subscriptions to multiple ISAs of the same type is allowed - not LISA within tax year
On death do tax advantages still apply to an ISA?
Yes they continue until sooner of:
Estate is complete
ISA is closed
Three years has elapsed since date of death
What is Additional Permitted Subscription?
Additional amount to widow to increase contributions based on the value of the deceased ISA value.
Rules of ISA APS
Deceased and spouse must have been living together at date of death
Is available to survivor even if they did not inherit ISA
Limited to value at date of death
Must be claimed within 3 years of death or 180 days of completion of estate
Can by made by non uk residents
Counts as previous years subscriptions for all other ISA purposes
