ISA
ISA
An ISA is an Individual Savings Account. ISAs were launched by the Government in 1999 to replace TESSAs and PEPs as a tax efficient way of saving and investing money. You can invest up to £7,200 per tax year you do not have to pay tax on any interest, capital gains or profits arising from the account.
- Cash ISA: You can invest up to £3,600 of your tax free allowance into a Cash ISA. Under the ISA changes (effective from April 6 2008) Mini and Maxi ISAs are scrapped; all Mini Cash ISAs will automatically become Cash ISAs and the cash components of Maxi ISAs will also become Cash ISAs. Existing TESSA Only ISAs will also be reclassified as Cash ISAs.
- Stocks and Shares ISA: You can invest your entire £7,200 allowance into a Stocks and Shares ISA, or if you have a Cash ISA, you can invest the remainder of your allowance. Under the ISA changes, existing Mini Stocks and Shares ISAs will be reclassified as Stocks and Shares ISAs as will the Stocks and Shares component of existing Maxi ISAs.
For a selection of the latest ISA deals, see the table below:
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Please bear in mind that:
Investment ISAs are designed as medium to long term investments, for example at least five years.
The value of your investment and the level of any income received from it can fall as well as rise and is not guaranteed and you may not get back the amount of your original investment.
The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.
If you choose an index-tracking trust which invests overseas, exchange rate variations may cause the value of your investment to increase or decrease.
If you unsure what Investment ISA plan is right for you speak to an independent investment adviser.