ISA quiz: discover what you really know about them

How much do you know about ISAs? Test your knowledge here.

Q1) What’s the ISA allowance for the current tax year?

a) £11,000
b) £14,000
c) £20,000
d) £25,000

Q2) What level of tax do you pay on ISA investments?

a) 10%
b) 20%
c) 40%
d) Nothing

Q3) Which of these are you not allowed to put in a Stocks & Shares ISA?

a) AIM shares
b) US stocks
c) Exchange-traded funds (ETFs)
d) Futures and/or share options
e) Funds
f) Trusts

Q4) What happens if I withdraw money out of my Stocks & Shares ISA?

a) You have to pay tax on any profits
b) Nothing, and your annual limit increases
c) Nothing, but your annual limit remains the same

Q5) In April of which year was the first ISA launched?

a) 1999
b) 2000
c) 2001
d) 2002
e) 2003

Q6) In what year did someone claim to be the first ISA millionaire? (There’s a bonus point if you can name them)

a) 2002
b) 2003 
c) 2004
d) 2005
e) 2006

Q7) Do you have to do something with all of the cash in your Stocks & Shares ISA each tax year?

a) Yes, it cannot be left uninvested
b) No, but it can only be used for qualifying investments 
c) No, you can spend it on whatever you like

Q8) Do you need to declare income tax or capital gains tax (CGT) from your ISA in your tax return?

a) Yes
b) No
c) Only if you earn over £40,000 a year

Q9) Can I open two of the same type of ISA in the same tax year?

a) Yes, with any provider you wish
b) Yes, but they must be with the same provider
c) No, you can only open one of each type of ISA each tax year  

Please scroll down for the answers...

Answers

1) (c) 20,000
2) (d) Nothing
3) (d) Futures and/or share options
4) (c) Nothing, but your annual limit remains the same
5) (a) 1999
6) (b) 2003 (Lord Lee of Trafford)
7) (b) No, but it can only be used for qualifying investments
8) (b) No
9) (b) No, you can only open one of each type of ISA each tax year