7 questions that could change your outlook on personal tax

Tax is notoriously complicated – even Einstein was reported to say that “the hardest thing to understand in the world is the income tax”. And with more than 1,000 ever-changing reliefs and allowances available to taxpayers in the UK, it’s always useful for business owners and entrepreneurs to refresh their knowledge on the main tax exemptions and allowances.


Our interactive tax quiz is designed to see what you know and expand your understanding. Navigate through seven quick – but thought-provoking – questions about the available tax breaks that can help your short- and long-term financial well-being.


So, do you know all the ins and outs of tax? Do you know enough to just about get by? Or do you need to engage the help of an expert?


Let’s find out…

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1) How much tax relief do higher-rate taxpayers get on their pension contributions (up to a maximum of £60,000 per year or 100% of your earnings)?

2 / 7

2) Which of these is NOT a real form of ISA?

3 / 7

3) Inheritance Tax is charged at what rate above your nil-rate band?

4 / 7

4) True or false? You stop paying National Insurance contributions once you reach state pension age.

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5) How much can you add to an ISA account each year per person, through the annual allowance?

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6) Which of these assets falls outside of your estate for the purposes of Inheritance Tax?

7 / 7

7) And finally, for how many years can you carry forward your pension’s annual tax-free allowance?

Your score is