UK Tax Quiz: How Much Do You Know?

2. At what income level does the personal allowance begin to taper away?

• A £80,000
• B £100,000
• C £120,000
• D £150,000

3. What is the basic rate of income tax in England, Wales and Northern Ireland?

• A 15%
• B 20%
• C 22%
• D 25%

4. What is the higher-rate income tax threshold in England for 2024/25?

• A £40,000
• B £45,000
• C £50,270
• D £55,000

5. What is the current main rate of Capital Gains Tax on residential property (for higher-rate taxpayers) following the October 2024 Budget?

• A 18%
• B 24%
• C 28%
• D 32%

6. What is the Inheritance Tax (IHT) nil-rate band threshold for an individual?

• A £175,000
• B £250,000
• C £325,000
• D £500,000

7. What additional IHT allowance can a surviving spouse inherit, potentially allowing a couple to pass on up to £1 million tax-free?

• A Residence nil-rate band
• B Married couple's allowance
• C Spousal exemption uplift
• D Capital transfer allowance

8. What is the standard rate of Value Added Tax (VAT) in the UK?

• A 17.5%
• B 20%
• C 22%
• D 25%

9. What is the annual CGT annual exempt amount for individuals in 2024/25?

• A £3,000
• B £6,000
• C £10,000
• D £12,300

10. What percentage of National Insurance do employees pay on earnings between the Primary Threshold and the Upper Earnings Limit in 2024/25?

• A 8%
• B 10%
• C 12%
• D 13.8%

11. Which of the following is generally exempt from Inheritance Tax regardless of value?

• A Gifts to friends made 5 years before death
• B Assets left to a UK-registered charity
• C Shares held in an ISA
• D Business property worth over £1 million

12. What is the tax-free lump sum (pension commencement lump sum) limit from a pension, following the abolition of the lifetime allowance?

• A £175,000
• B £268,275
• C £325,000
• D £500,000