CH 1 - Introduction to the UK Tax System

Question 1

List Exempt Income

Answer 1

• NS&I Interest (National Savings (NS&I) Certificates); as NS&I is taxed
• Premium Bonds winnings;
• betting and lotteries;
• social security benefits (eg universal credit, housing benefit, winter fuel payments);
• Income from ISAs (Individual Savings Accounts);
• Maintenance payments.
• Venture Capital Trust Dividends paid on the first £200,000 (Venture Capital Trust shares acquired in a tax year).