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which 2 of the following are types of income are exempt from income tax
– interest on NSI account
– premium bond prizes
-interest on gilts
-dividends on shares held in isaopen tuition notes says :
Exempt Income
The following are the main examples of sources of income that are exempt from income tax
(a) Interest or bonuses on National Savings & Investment Certificates
(b) Interest and dividends within an Individual Savings Account [ISA]
(c) Gaming, lottery and premium bond winnings.
so would all be exempt?NO – look again at the note and the question and exactly what is written regarding NSI – they are not the same! You should also have studied page 24 of the OT notes on National Savings before attempting any revision questions which clearly identifies the point in the question.
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