Numbers/Statistics Flashcards
1
Q
What is the subscription limit of an ISA?
A
£20,000
2
Q
What is the renewable amount of a guaranteed income/growth bond?
A
£500
3
Q
What is the minimum amount of investment for a treasury bill?
A
£500,000
4
Q
How much is SD/SDRT?
A
0.5% (x0.005)
5
Q
How much is the threshold for stamp duty reserve tax?
A
£1000
6
Q
How much is the threshold for stamp duty tax?
A
£0
7
Q
What is the amount of FSCS protection?
A
£85,000
8
Q
How quickly do the FSCS aim to pay compensation?
A
7 days (complex cases) 20 working days
9
Q
How old do you have to be to have a cash ISA?
A
16
10
Q
If a parent invests into a Cash ISA for their child (under 18), what is the maximum amount of interest that they can earn before it is deemed income?
A
£100
11
Q
What is the minimum age to hold a NS&I bond?
A
16
12
Q
What is the weighted average maturity and weighted average life for a short-term money market fund?
A
Avg maturity: 60 days
Avg life: 120 days
13
Q
What is the weighted average maturity and weighted average life for a standard money market fund?
A
Avg maturity: 6 months
Avg life: 12 months
14
Q
What is the nominal value of a bond?
A
£100
15
Q
What is the DMO definition of gilts?
A
Shorts: < 7 years
Mediums: 7-15 years
Longs: > 15 years
16
Q
What is the financial press definition of gilts?
A
Shorts: < 5 years
Mediums: 5-15 years
Longs: > 15 years
17
Q
What is Stamp Duty rounded to?
A
Next multiple of £5
18
Q
What is Stamp Duty Reserve Tax rounded to?
A
Nearest penny
19
Q
What is the PTM levy charged at?
A
£1
20
Q
What is the amount of trade that the PTM levy apply to?
A
All
21
Q
What is the dividend allowance?
A
£2000
22
Q
What are the tax rates for dividends?
A
BR: 7.5%
HR: 32.5%
AR: 38.1%
23
Q
First time buyers pay no SDLT on the first ? of purchase price?
A
£300,000
24
Q
No relief is available to first time buyers if their property costs what?
A
More than £500,000
25
What additional SDLT is charged on second properties?
3% over £40,000
26
What are the commercial SDLT rates?
< £150,001 = 0%
£150,001 - £250,000 = 2%
> £250,000 = 5%
27
What is the SDLT on the NPV of rent payable on the lease?
0% up to £125k (residential) or £150k (commerical)
1% on NPV above threshold
2% above £5m
28
What is the tax-free property income allowance?
£1000
29
How many successive quarters have to be declining GDP, for the economy to be in recession?
2
30
Returns can be expected to fall within one standard deviation, what percent of the time?
68%
31
Returns can be expected to fall within two standard deviations, what percent of the time?
95%
32
What % of approved securities must be held in a approved securitires fund?
90%
33
A retail UCITS fund (not tracker) must hold no more than what % it's total value in the shares of any one company?
10% (up to 4 shareholdings)
34
A retail UCITS tracker fund must hold no more than what % it's total value in the shares of any one company?
20% (exceptional = 35%)
35
A retail UCITS fund must hold no more than what % it's total value in the shares of any one group
20%
36
A retail UCITS fund may be borrow what % of its value on a temporary basis?
10%
37
To pay dividends, a unit trust/oeic must hold what % of its investments in interest bearing investments?
Less than 60%
38
When equity funds are held in a discretionary trust, what are the trustees liable to income tax at?
38.1%
| No £2000 dividend allowance, any dividends that fall within £1000 standard rate band will only be taxed at 7.5%
39
To pay interest distributions, a unit trust/oeic must hold what % of its investments in interest bearing investments?
At least 60%
40
When gilt and corporate bond funds are held in a discretionary trust, what are the trustees liable to income tax at?
45%
| any interest that falls within £1000 standard rate band will only be taxed at 20%
41
What is the CGT annual exempt amount in 2020/2021?
£12,300
42
What is CGT taxed at?
10% or 20% depending on other income
43
When an offshore bond holds more than 60% of its assets in interest bearing securities, what will the UK investor be taxed at?
0% starting band, 20%, 40%, 45%
*Can be offset against PSA
44
For a non-reporting fund, what is the UK-resident liable for income tax at?
20%, 40%, 45%
| even if it consist largely of dividends
45
What is the annual cap on contributions into a Maximum Investment Plans?
£3600
46
What is the CGT/income tax for a Guaranteed Growth Bond?
Capital sum = Free of CGT
| Income = 20%/BR tax has already been deducted
47
What % of a bond may investors withdraw every year without an immediate tax liability?
5%
| Return of capital for 20 years or until all initial capital has been returned
48
What is the minimum and maximum total equity content of a distribution bond? (As per ABI classification)
Min 20%
| Max 60%
49
What is the minimum amount of sterling based assets in a distribution bond? (As per ABI classification)
50%
50
What is the minimum yield of a distribution fund, relative to FTSE All-Share yield? (As per ABI)
110%
51
How are bonds taxed in discretionary trusts to trustees?
Trust income £1000 or less
Income = 20% Dividends = 7.5%
Trust income > £1000
Income = 45% Dividends = 38.5%
52
What is the taxation of an onshore and offshore bond?
Onshore:
BR: 0% (already deducted)
HR: 20%
AR: 25%
```
Offshore:
BR: 20%
HR: 40%
AR: 45%*
*PSA can be used
```
53
The return of a Friendly Society Savings Plan is tax free after?
7 and a half years
54
A qualifying life assurance policy must have a term of at least?
10 years
55
The minimum level of life assurance cover on a qualifying policy is?
75%
56
In a qualifying life assurance policy, no premium is to be more than?
One eighth of the total premiums payable over term of policy
57
What is property income paid to an investor in a PAIF, paid net of?
20% income tax
58
In order to be a PAIF, at least what % of its net income in an accounting period must be from the exempt property business?
60%
59
In order to be a PAIF, at least what % of its assets in an accounting period must be from the property investment business?
60%
60
What is the maximum amount of a PAIF that a corporate investor can hold?
10%
61
What is the premium limit for tax-exempt business in a friendly society policy?
£270 p/a
| £25 p/mo (£300)
62
In order to qualify as a REIT, what is the minimum amount of the company's profits that must be from the property rental/tax-exempt business?
75%
63
In order to be a PAIF, at least what % of its assets in an accounting period must be from the property rental/tax-exempt business?
75%
64
What is income tax relief on an EIS?
30%
65
What is the limit on tax relief for an EIS?
Up to £1m
| Up to £2m if knowledge-intensive
66
How long must shares in an EIS be held to qualify for 100% tax relief?
3 years
67
In order to qualify as an EIS company, what is the max amount of employees?
250
| 500 if knowledge-intensive
68
In order to qualify as an EIS company, what is the max amount of gross assets that they can have?
Must not exceed £15m before issue of shares
| Nor £16m immediately afterwards
69
In order to qualify as an EIS company, what is the max amount that can have been raised under venture capital schemes?
£5m in 12 months (£10m if knowledge-intensive)
| £12m in company's lifetime (£20m if knowledge-intensive)
70
What is income tax relief on an SEIS?
50%
71
What is the limit on tax relief for an EIS?
£1m/£2m
72
How long must shares in an EIS be held to qualify for 100% tax relief?
3 years
73
When is business relief on IHT available on an EIS/SEIS?
2 years
74
In order to qualify as an SEIS company, what is the max amount of employees?
25 people or less
75
In order to qualify as an SEIS company, how old must the company be?
No more than 2 years old
76
What is income tax relief on a VCT?
30%
77
What is the limit on tax relief for a VCT?
£200,000
78
How long must shares in a VCT be held to qualify for 100% tax relief?
5 years
79
In order to qualify as a VCT company, what is the max amount of employees?
250
| 500 if knowledge-intensive
80
In order to qualify as a VCT company, what is the max amount that can have been raised under venture capital schemes?
£5m in 12 months (£10m if knowledge-intensive)
| £12m in company's lifetime (£20m if knowledge-intensive)
81
To invest in an ISA, shares from a SAYE/share-incentive plan must be transferred within?
90 days
82
What is the max minimum deposit for a stakeholder cash ISA?
£10
83
What is the max minimum deposit for a stakeholder S&S ISA?
£20
84
What is the annual limit on a JISA?
£9000
85
What is the capital element taxed at on a PLA?
0%
86
What is the minimum frequency for portfolio reporting ?
Every 6 months
87
If companies have less than ?%, their market capitalisation is reduced to reflect the available free float?
75%
88
What is the tax-free limit on rent a room relief?
£7500
89
What RPI is used for index-linked gilts?
Before Sep 2005 - 8 months before
| Sep 2005 onwards - 3 months before
